Russia used US banks to send billions to Turkey, dodging sanctions, WSJ reports /Olena Goncharova/The KYIV INDEPENDENT

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The Kyiv Independent, February 3, 2025

A U.S. Justice Department investigation found that Russia funneled billions of dollars through American banks to Turkey in 2022, using the Akkuyu nuclear power plant project as cover to evade sanctions, according to the Wall Street Journal (WSJ).

JPMorgan Chase and Citigroup facilitated more than $5 billion in transfers linked to the Russian-backed project, with at least $2 billion later frozen by U.S. authorities.

The Justice Department suspects the scheme was orchestrated at the highest levels in Moscow, with the Bank of Russia secretly funding a $9 billion loan through Gazprombank. This allowed Russian money to flow into Turkey while avoiding direct transactions with sanctioned entities. Officials believe the transfers were designed not just for nuclear construction but also to create an offshore dollar reserve for Russian state initiatives.

Despite prosecutors’ efforts to seize the frozen funds in 2024, the Biden administration halted the case, fearing diplomatic fallout with Turkey, a NATO ally.

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