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The very reason why countries should de-dollarize their financial systems asap. Once your banks have USD correspondence accounts in New York your financial system is no longer independent or under your control. You become subject to US extra-territorial sanctions, regulations and they can...

Apologies I am new to this realm of knowledge if my questions seem obvious. How compliant are banks in Russia in regards to FATCA? Last time I looked at the list of participants the US has bullied into signing it, I did not see Russia on it. However I am aware that just because a country is not...