I don’t see the 0bambi Administration having any hand in banks’ refusal to do business in Rubles.
0bambi loves anything that undermines Western Civilization, just like Putin does. 0bambi hasn’t been effective in any other dealings with Putin, and has never put the screws to him in any meaningful way.
This indicates to me that the banks are doing what’s in their own best interests.
It makes sense to stop doing business with Russia when the price of oil is approaching Russia’s marginal cost of producing oil. That price problem makes Russia virtually bankrupt.
Banks are obligated to their shareholders to avoid doing business with bankrupt entities that will put shareholder capital at risk.
It’s just hard old economics squeezing Puti.
He’ll spin it, of course. But it is Puti’s fault for doing nothing for the Russian economy.
Didn’t Soros try this once before? Has anybody seen him in the last month?