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5 Mar, 2022 12:49

US senator blasts Wall Street for ‘undermining’ anti-Russia sanctions

Elizabeth Warren accuses investment banks of helping Moscow by buying up Russia’s corporate bonds
US senator blasts Wall Street for ‘undermining’ anti-Russia sanctions

One of the most vociferous critics of Wall Street, US Senator and former presidential hopeful Elizabeth Warren, has accused American financial institutions of “undermining” the sanctions imposed on Moscow by Washington and its allies over Russia’s invasion of Ukraine.

“Giant Wall Street banks like JPMorgan and Goldman Sachs never miss out on an opportunity to get richer even if it means capitalizing on Russia’s invasion of Ukraine and undermining sanctions placed on Russian businesses,” Warren said in a statement released late on Friday.

The accusations were voiced a day after Bloomberg reported that the two banks had been buying beaten-down bonds, as clients had asked them to, or because they expect to find ready buyers.

JPMorgan analysts reportedly published a note urging investors to expand holdings of Russian-linked debt to take advantage of a “recovery play.”

Russian stock markets have plunged since the country was hit by Western sanctions over its invasion of Ukraine.

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