Western officials need banks’ help to keep money flowing to Russia

firms fled Russia after its invasion of Ukraine, banks and insurers joined the exodus. They feared prosecution in the criminal courts for sanctions violations and in the court of public opinion for filling Vladimir Putin’s war chest. The West’s economic shock-and-awe campaign has largely isolated Russia from the international financial system.But recently Western officials have emphasised they want to see money flowing into parts of Russia’s economy, and financial firms to enable this. On November 14th America, Britain and the issued a statement making clear that sanctions target Russia’s war machine, not its food or fertiliser industries. Diplomats have reiterated the message in the days since, seeking to ensure sanctions do not work too well.