Overview

• The US has effectively disrupted financial flows between Russia and countries such as Turkey, the UAE, and Kazakhstan through warnings of potential sanctions to global banks.
• Deputy Treasury Secretary Wally Adeyemo highlighted the substantial impact of the US's strategy to impose sanctions on foreign financial institutions aiding Russia, leading to a cautious approach in dealings with Russia.
• Financial transactions between Russia and several countries have notably decreased, with institutions fearing the loss of access to the US dollar and the global financial system.
• The US recently imposed sanctions on over 500 Russian entities and third-country companies, targeting Russia's military-industrial complex and those aiding in obtaining goods.
• High-ranking US officials have visited countries like Turkey and the UAE to warn that companies engaging with entities under US restrictions risk losing access to G7 markets.