Saturday, March 15, 2014

Russian Companies And Banks Are Pulling Billions Out Of Western Banks



Russian Companies Withdraw Billions From West, Say Moscow Bankers -- Financial Times

Russian companies are pulling billions out of western banks, fearful that any US sanctions over the Crimean crisis could lead to an asset freeze, according to bankers in Moscow.

Sberbank and VTB, Russia’s giant partly state-owned banks, as well as industrial companies, such as energy group Lukoil, are among those repatriating cash from western lenders with operations in the US. VTB has also cancelled a planned US investor summit next month, according to bankers.

The flight comes as last-ditch diplomatic talks between Russia’s foreign minister and the US secretary of state to resolve the tensions in Ukraine ended without an agreement.

Read more ....

Update: Fed Custody Holdings Record Decline Fuels Russia Speculation -- Bloomberg

My Comment: Darn!!!! I knew I should have bought some Swiss Francs last week.

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