How Big Banks Make Big Bucks From Russian Dark Money

Over the past two decades, American corporations have rightly earned a reputation for capitulating to China — turning a blind eye to human rights atrocities committed by the Chinese government so they can benefit from the Asian superpower’s emerging consumer economy.

For example, Jamie Dimon — the longtime CEO of JPMorgan Chase and the world’s most powerful banker — apologized profusely after making a mild joke about the Chinese Communist Party last year. The reason for the mea culpa was evident. Months earlier, Chinese authorities granted JPMorgan Chase permission to assume full control of a securities business — the first foreign company to be offered such an opportunity.

As Russia continues its invasion of Ukraine, world governments have enacted sanctions meant to cut off Russian financial institutions, restrict debt and equity for Russian corporations, and target certain Russian elites. Although the Russian economy is far less robust than China’s — contributing to the global marketplace largely through energy exports — Russian oligarchs and criminals have often benefited from the American financial system’s lack of discretion.

The American banking industry often finds itself downwind from Russian elites through dark money schemes — moving tainted funds without asking tough questions. – READ MORE