Wall Street reaped billions from ruble trading in the Ukraine war's first year, Bloomberg reports.
Banks would buy dollars cheaply and sell them at a markup to Western firms fleeing Russia.
Western banks turned to lesser-known peers in countries on good terms with Russia, such as Kazakhstan and Armenia.
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Lenders involved in the ruble trade and those that steered clear of it declined to comment to Bloomberg.
Persons:
Banks, Vali, Goldman Sachs, JPMorgan Chase, Vladimir Putin, June's Wagner
Organizations:
Ukraine war's, Bloomberg, Service, Citigroup, JPMorgan, Wall Street
Locations:
Ukraine, Russia, Kazakhstan, Armenia, Wall, Silicon