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Banking

NY Fed defends cutoff of Puerto Rican bank after Venezuela-linked crackdown

The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsNEW YORK, Aug 23 (Reuters) - The Federal Reserve Bank of New York on Wednesday defended its plan to cut off a Puerto Rican lender's access to the U.S. central banking system following a federal crackdown on banks with links to Venezuela.In July, Banco San Juan Internacional (BSJI) sued the New York Fed to halt the looming termination of its "master account," which lets...
Banking

Russia prepares decree to unfreeze and swap assets with foreign investors

A Russian state flag flies over the Central Bank headquarters in Moscow, Russia, August 15, 2023. A sign reads: "Bank of Russia". REUTERS/Shamil Zhumatov/File Photo Acquire Licensing RightsAug 23 (Reuters) - Russian authorities are working on a draft presidential decree to give the country's retail investors a way to unblock their frozen assets held in overseas accounts and sell them to foreign parties, the central bank said on Wednesday.International sanctions against Moscow over its invasion of Ukraine have blocked many Russian investors' access to securities held in jurisdictions outside the...
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