Elizabeth Warren accuses investment banks of helping Moscow by buying Russian corporate bonds
One of Wall Street’s most vocal critics, US senator and former presidential candidate Elizabeth Warren, has accused US financial institutions of ‘undermining’ sanctions imposed on Moscow by Washington and its allies following the Russian invasion from Ukraine.
“Giant Wall Street banks like JPMorgan and Goldman Sachs never miss an opportunity to get rich, even if it means capitalizing on Russia’s invasion of Ukraine and undermining sanctions on Russian companies,” Warren said in a statement released Friday evening.
The accusations came a day after Bloomberg reported that the two banks had bought beat bonds because customers had asked them to, or because they expected to find willing buyers.
JPMorgan analysts have reportedly issued a note urging investors to expand their holdings of Russia-related debt to take advantage of a “recovery game”.
Russian stock markets have plunged since the country was hit by Western sanctions following its invasion of Ukraine.
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