Five Russian financial institutions affected by the sanctions
This is how Putin’s secret banking system works
The West imposed severe sanctions on five Russian banks. This is intended to prevent President Putin from making further investments in his military.
Publication date: 02/24/2022 at 00:20
This annoys even a very powerful person like Vladimir Putin (69). Five banks operating in its orbit are included in the international sanctions list. Including the Bank of Russia. This is not just a financial institution. Russia’s Bank is the core of Putin’s regime. his home bank.
US President Biden: “Russia will no longer receive money from the West.”(01:11)
It is controlled by those close to the president. Among other things written by Yuri Kovalchuk (70 years old), a childhood friend of Putin, who is said to be rich to date $1.4 billion. Smart move: It secures Putin’s authority. The pattern is repeated in other banks.
Under the public radar
However, Rossiga Bank is not really a big number. It ranks only 15th among the largest institutes in the country. Perfect for flying under the radar of the public’s attention. In fact, it is really powerful.
Putin and his backers conduct arms deals through the Bank of Russia and the four other sanctioned banks, all of which are also medium-sized. So it stands to reason that the West initially targeted the five financial institutions when it came to sanctions.
They want to make supplies more difficult for the Russians.
But Rosega has long been more than just my bank. It owns the majority in Russia’s second largest insurance company Sogaz. He, in turn, controls Gazprom Bank and Gazprom Media Group, which includes the pro-Kremlin newspaper Izvestia and several state-controlled television and radio stations.
Putin wants to open an account quickly
And the Kremlin? In the meantime, he does not want to know anything about the relationship with Rossiega Bank. Putin even jokes to the media: “As far as I know, it’s a medium-sized bank.” In solidarity with the bank, he wanted to open an account as quickly as possible.
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Millions of bank customers whose main card and Visa have been blocked also suffer penalties. President Putin will not care about this any more. He is only likely to get really nervous when Western sanctions affect Russia’s very large banks or himself.
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