Russian banks preparing for U.S. sanctions

Russian banks preparing for U.S. sanctions

Leading Russian banks are working on plans to help each other retain an access to the global financial system if they are hit by new U.S. sanctions, according to sources familiar with the matter.

The banks are "examining how they can provide each other with access to U.S. dollars or other major foreign currencies by using so-called correspondent accounts," Reuters cited the sources as saying.

Russian banks started to draft the new scheme with Russia’s finance ministry and the central bank last year.

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