Thursday, February 24, 2022



Russians withdrawing all their money from Maltese banks 

The increasing number of major sanctions being imposed upon Russia by the United States, in response to that country's unprovoked attack upon there Ukraine may be painting a target upon the back of Malta's banks, and one proposed move by the US Congress could seriously impact them in extremely negative ways.

Some Members of Congress have openly now called for emergency legislation, or Presidential Directives, authorizing global seizures of liquid assets, as well as real estate, of Russia's Oligarchs, who support Vladimir Putin financially and politically, and have benefitted greatly from that association. The last thing Greylisted Malta needs now is to have American proceedings demanding that Maltese banks freeze millions in Russian assets. If Malta fails to comply, it could be completely blocked from the Western financial system, with disastrous financial consequences.

Maltese access to American and European correspondent accounts could be terminated if the country's banks refuse to compl, so Malta will have no choice but to comply. Russian Oligarchs might then conduct ruinous cyberattacks,  assassination or kidnapping operations against banks officers or owners, or block any further lucrative Russian IIM (CBI) economic passport sales, let alone moving all their accounts elsewhere.

Given the corruption, abject greed, and tunnel vision of Malta's Labour Party leadership, don't expect its current government to cooperate, which may result in American legal action that it surely not in Malta's best interests. Whether Malta becomes collateral damage as the result of the Russian invasion of the Ukraine will depend on whether it is perceived as an adversary of American foreign policy. Who will be the victor in any such contest is not in doubt.   

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