Top banks made $6 billion trading the ruble last year amid Western exodus from Russia, report says
turned to lesser-known peers in countries on good terms with Russia, such as Kazakhstan and Armenia, sources told Bloomberg.
With the Armenian and Kazakh banks acting as intermediaries, Wall Street desks were able to acquire these low-cost dollars for a fee, and then sell them at higher prices to companiesMany of these firms were willing to secure greenbacks whatever the rate, having already suffered profit and asset losses in leaving the country.
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