Ukraine war news: Regulators say US financial system unhindered by conflict and sanctions
Jamie Dimon, chief executive officer of US banking giant JPMorgan Chase, has warned that a Western decision to remove Russian banks from the Swift global financial messaging system could cause ” unintended consequences”.
Speaking to Bloomberg TV on Monday, Dimon said removing Russian banks from Swift could harm other countries and there was scope to find alternatives around the ban. Dimon argues that sanctions could have a more targeted impact.
“A sanction says I can’t do business with you. One thing Swift said I can’t use contact to do business with you, I can still do business with you,” Dimon said.
In a joint statement on Saturday, the US, UK, Canada, France, Germany, Italy and the European Commission said they would Push out several Russian banks are not known from Swift, ensuring that they are “disconnected from the international financial system”.
Analysts estimate that US banks like JPMorgan have less direct business contact with Russia than European banks.
In its most recent annual report, JPMorgan, the largest US bank, did not include Russia in its list of the top 20 markets for financial risk.
The major US bank with the most exposure to events in Russia is Citigroupon Monday said it has nearly $10 billion in exposure to Russia through loans, government debt and other assets.