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| Putting Russia on the Financial Action Task Force (FATF) 'blacklist' will also negatively impact the time it takes to conduct international transactions. (Source: Reuters) |
Russian news agency RIA Novosti warned that if the head of the anti-money laundering organization FATF decides to put Russia on the "blacklist" along with Iran, North Korea and Myanmar, it will have a very negative impact on Moscow's financial system.
In particular, it will become impossible to make any money transfers from Russia as well as to conduct commercial transactions with foreign countries. As a result, the Russian financial system will be severely affected.
The article stated: “FATF could blacklist Russia, making all international money transfers impossible, even from individuals, and would paralyze (Russia's) trade with other countries.”
However, the news agency also said that such a situation is not imminent, largely due to the containment positions of China and India. In the context of international sanctions against Russia, the aforementioned Asian countries have become important trading partners of Russia and their leaders do not want to complicate trade with Russia due to pressure from the West.
On June 9, Governor of the Central Bank of Russia, Ms. Elvira Nabiullina said that there was no objective reason to put Moscow on the FATF sanction list.
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