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☆ My dream job wasn't worth it: Former employees at Meta, McKinsey, and JP Morgan share how they burned out and left
▼ + stars: | 2023-10-29 | by ( Aria Yang | ) www.businessinsider.com time to read: +7 min

Insider spoke to five people who left Meta, McKinsey and more on why they left and what they do now. One said he only wishes he left his $120,000-a-year finance job sooner. Lu ultimately made the decision to leave because she wanted to explore and grow in other aspects of her career, but she said leaving McKinsey came with its tradeoffs. Read more: I quit my $370K job at Meta after having panic attacks and hitting the lowest point of my life. Read more: I quit my $120K finance job and make more money with YouTube videos.

Persons: —, Vivian Tu, she's, Angelina Lu, Lu, Eric Yu, Meta, pinky, Yu, Read, Elizabeth Rosenberg, Rosenberg, Vincent Chan, Chan Organizations: Meta, McKinsey, Service, JPMorgan, McKinsey & Company, YouTube

A Biden administration source said such conversations with service providers about their requirements have been constant during the implementation of the caps. The price cap bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. Treasury uses a monthly average of prices to calculate the Urals price, which means it may be a while before the Russian oil price can be considered over the cap. 'POLICY PICKLE'The administration, however, is set to move slowly, wary of creating ripples in a market that could send rising global oil prices higher. "But there won't likely be a dramatic change unless oil prices stay high for a while."

Persons: Biden, We’ve, Joe Biden, Wally Adeyemo, Elizabeth Rosenberg, Adeyemo, Ben Cahill, Cahill, Timothy Gardner, Marguerita Choy Organizations: Group, European Union and Australia, Treasury, Foreign Assets, RUSSIA, The State Department, EU, Center for Strategic, International Studies, Thomson Locations: Washington, Ukraine, U.S, Urals, India, China, Russia, Europe, Russian, Eastern

☆ U.S. shares with European banks ways Russia is evading sanctions
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 23 (Reuters) - The U.S. on Sunday said it shared information with European bankers, government officials and business leaders to clamp down on Russia's tactics to try to skirt Western sanctions. Brian Nelson, Treasury undersecretary for terrorism and financial intelligence, held briefings last week in Switzerland, Austria, Germany and Italy to promote more effective policing of sanctions imposed over Russia's invasion of Ukraine, the Treasury said in a statement. Nelson shared details on some of the most critical military goods that Russia is trying to acquire, including optical devices, electronics and manufacturing equipment, the Treasury said. Other warnings signs include frequent or last-minute changes of end-users or payees, or redirection of goods to third countries that have limited or no restrictions on re-exports to Russia, the department said. Reporting by David Lawder; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, April 13 (Reuters) - Senior officials from the United States, Europe and Britain met on Thursday with financial institutions to brief them on efforts by Russia to evade Western sanctions imposed over its invasion of Ukraine, a senior U.S. Treasury official told reporters. The firms - from the United States, Britain and Europe - assured the officials that they were working hard to avert Russian efforts to evade sanctions and export controls, said the official, speaking on condition of anonymity. Washington on Wednesday imposed sanctions on over 120 targets, including entities linked to Russian state-held energy company Rosatom and firms based in partner nations like Turkey in a sign of stepped-up enforcement. Treasury's top sanctions official, Undersecretary Brian Nelson, will visit Switzerland next week to discuss further moves to crack down on sanctions evasion, with additional stops in Italy, Austria and Germany, Reuters reported last week. Elizabeth Rosenberg, Treasury's assistant secretary for terrorist financing and financial crime, will travel separately to Kazakhstan and Kyrgyzstan.

The price cap was imposed on Monday by the G7 industrial democracies and Australia at a level above the current price for Urals crude from Russia, the world's second largest oil exporter. The cap aims to both cut Russian revenues from oil price spikes caused by its war on Ukraine, and ensure that Russian oil continues to flow to buyers including China and India, keeping global market prices under control. The official added that G7 countries and Australia would be busy in coming weeks determining two more price cap levels on Russian refined oil products slated to be in place by Feb. 5. Treasury is "skeptical" that Russia would be able to sell all of its oil exports above the price cap to countries including India and China, the official said. Analysts say that as the oil price cap plan evolved, its emphasis shifted from a mechanism to squeeze Russia's revenues, to one that ensures ample oil supply and locks in market discounts.

☆ Treasury Warns Crypto Industry of Money-Laundering Risks in ‘Mixers’
▼ + stars: | 2022-11-21 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

The cryptocurrency industry must follow the U.S. Treasury Department’s anti-money-laundering and sanctions regulations to prevent bad actors from abusing platforms known as “mixers” to launder illicit funds, a senior official said. Crypto-industry participants have raised questions over the sanctions being imposed on Tornado Cash, a platform based on open-source, self-running software protocols. Some in the decentralized finance community have expressed concerns about what they see as excessive government pressure on the industry. Some, including Coinbase Global Inc. and industry advocacy groups, have sued the Treasury, alleging the action against Tornado Cash infringes on Americans’ privacy and First Amendment rights. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.

Register now for FREE unlimited access to Reuters.com RegisterWhite House spokesperson Karine Jean-Pierre said the measures would include penalties on individuals and entities both inside and outside of Russia that support the annexation. Jean-Pierre said the United States will not recognize Russian-annexed areas across Ukraine. But senators pressed O'Brien and Elizabeth Rosenberg, Treasury assistant secretary for terrorist financing and financial crimes, on U.S. sanctions on Russia's energy sector. Washington and its G7 partners have said they will put a price cap on Russian oil in place, but have held back from directly targeting major Russian energy companies over concerns about energy prices and supply. O'Brien also said Washington will continue working with China to ensure it understands U.S. sanctions and the effect they have on China's engagement with Russia.

☆ Treasury warns against Russia's efforts to evade sanctions with crypto
▼ + stars: | 2022-09-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Russian President Vladimir Putin could use cryptocurrencies to evade U.S. and other sanctions launched against the Kremlin for its unprovoked invasion of Ukraine, a Treasury official told lawmakers Tuesday. Warren said she'd been concerned about the possibility of cryptocurrency being used by Russian elites to bypass sanctions since the country invaded in February. The Treasury Department has already identified Russian entities attempting to circumvent sanctions with crypto. Treasury issued its first-ever sanctions on these "mixers" in May and sanctioned another, "Tornado Cash," in August. Coinbase's chief legal officer, Paul Grewal, told CNBC that the sanctions set "a dangerous precedent," but Rosenberg called them effective.

☆ U.S. senators want secondary sanctions on Russian oil
▼ + stars: | 2022-09-20 | by ( Patricia Zengerle | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoWASHINGTON, Sept 20 (Reuters) - Democratic and Republican senators urged U.S. President Joe Biden's administration on Tuesday to impose secondary sanctions on international banks to strengthen a price cap G7 countries plan to impose on Russian oil over Moscow's invasion of Ukraine. The Biden administration has been reluctant to impose secondary sanctions over concerns that they could complicate relations with importers of Russia oil like China and India. The Group of Seven announced the price cap plan this month to limit Russia's lucrative oil export revenue in the wake of the invasion. "And secondly, by keeping Russian oil in the market at lower prices, it will reduce the potential for price spikes in the market." Also at the hearing, Democratic Senator Kyrsten Sinema asked Rosenberg what Washington can do to address the blending of Russian oil by the country's producers with crude from other nations to circumvent sanctions.

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