Literally I read this piece from Lagarde in the FT, and it was wtf?
Firstly, we need to say:
Raiffeisen Bank (Austria) and OTP Bank (Hungary) work in Moscow. They have a monetary income. They can use SWIFT (dollar) and SEPA (euro).
Moscow can still work with the global financial system. Moscow isn’t like Iran or North Korea.
What is the ECB doing? Where are the sanctions?
Firstly, we need to say:
Raiffeisen Bank (Austria) and OTP Bank (Hungary) work in Moscow. They have a monetary income. They can use SWIFT (dollar) and SEPA (euro).
Moscow can still work with the global financial system. Moscow isn’t like Iran or North Korea.
What is the ECB doing? Where are the sanctions?