Investment banking veteran: anti-Russia sanctions results in new bloc

By Al Mayadeen Engish
Source: Agencies
3 Nov 2022 15:55

Former Lehman Brothers executive Lawrence McDonald says that anti-Russia sanctions are counterproductive and making rom for sanctioned countries to form a new world bloc.

Lawrence McDonald (CNBC)

Former Lehman Brothers executive Lawrence McDonald told Sputnik that the US' efforts to isolate Russia through sanctions appear to be pulling nations closer to forming a bloc.

When McDonald asked whether the US' anti-Russia sanctions were effective, he said "Russia is going around them through a lot of different avenues, like through China," adding that "The BRICS [Brazil, Russia, India, China, and South Africa] are essentially forming this - look at the way the Saudis and the Russians are cooperating - the BRICS are forming like an alliance around the United States. Very dangerous moves the United States makes, they're pushing these countries together as a bloc."

The former executive noted that Russia's central bank was proactive and prepared to respond to all possible US sanctions against Russia and its people.

US pressures Turkey to take a tougher stance on Russia

US officials, in talks with their Turkish counterparts, addressed compliance with financial sanctions imposed on Russia regarding the war in Ukraine - this comes as the latest move from the West to pressure Turkey into taking a tougher stance towards Russia.

Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the US Treasury, led a delegation to meet the Turkish governor of the central bank, along with business groups in both Istanbul and Ankara earlier last month.

This visit came shortly after Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin held discussions in Astana, Kazakhstan. The meeting led the two leaders to agree to boost energy ties and to set up an international gas hub in Turkey, allowing Turkey to become a key route for Russian energy flows into Europe, particularly after the West blew up Nord Streams 1 and 2.