Behind the scenes, the U.S. Treasury and State departments have urged banking giants including JPMorgan and Citigroup to continue doing business with certain strategic Russian companies, according to people familiar with the situation.
As some in Congress bang the table in favor of stronger measures against Russia, the administration is trying to stymie Russia’s progress while averting global economic catastrophe, Bloomberg reported.
Treasury and State Department officials have called on lenders to continue to offer basic services such as US dollar settlement, payment transfers and trade finance offers for those Russian companies exempt from certain aspects of the sanctions, such as Gazprom or the producers of Uralkali PJSC or PhosAgro PJSC fertilizers, people said.
