United States sanctions could cause serious financial distress for South African banks - Daily Investor
United States sanctions could cause serious financial distress for South African banks - Daily Investor
Source: Daily Investor
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DW NOTE
South African banks hold $18 billion in correspondent accounts with US institutions and settle 63% of their trade finance in dollars. Treasury can freeze those relationships with a phone call, and the threat alone will force every major lender to pre-emptively cut ties with any counterparty Washington flags — regardless of whether the designation is warranted.