The US Treasury Department has warned Indian banks about sanctions for working with Russia. This is stated in a letter from Deputy Finance Minister Wally Adeyemo sent to the Indian Bankers' Association and Indian Industrial Associations, Voice of America writes.
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Adeyemo warned Indian banks on Wednesday that financial institutions doing business with Russian military-industrial enterprises risk losing access to the American financial system.
“We know that the Russian military relies on the import of sensitive goods, such as machine tools and microelectronics, and turn to foreign financial institutions to facilitate these transactions,” the document notes.
According to Adeyemo, the current letter follows an executive order issued by President Joe Biden in December authorizing the imposition of sanctions on foreign financial institutions doing business with Russian military-industrial structures.
The United States seeks to continue strengthening economic relations with India, Adeyemo emphasized, noting that trade between the two countries has grown by more than 110% in a decade.
- Sanctions Banks
