Well he did hit up that bank......which is like ranked 17th. But then Putin dropped a chunk of money in it to spite Obama. Here was the Fiscal times showing in US media that Obama was a Strong President. Due to the criticisms here in the US. but more importantly from those outside the US.
How Obama Crippled a Russian Bank with a Stroke of a Pen
He may not take shirtless horseback rides across the steppes, or have a black belt in judo, but on Thursday, President Obama sent a message to Russian president Vladimir Putin about strength. Specifically, economic strength.
The message was this: Whenever I decide to, I can pick up a pen, and kill a significant financial institution in your country.
The designation makes the individuals named ineligible to do business with U.S. financial institutions, which is likely a major personal inconvenience. But for Bank Rossiya, the designation is something like the kiss of death.
Bank Rossiya is not the largest bank in Russia by a long shot, but its significance lies in its clientele rather than its size. In announcing the sanctions, the Treasury Department noted that Bank Rossiya “is the personal bank for senior officials of the Russian Federation” including members of the Ozero Dacha Cooperative, an exclusive community where members of Putin’s inner circle live. In addition, it provides financial services to the single largest segment of the Russian economy – the oil, gas, and energy sector.
Essentially, this is a credit union for oligarchs, with a side business in financing the Russian energy industry. Its customers include many more high-profile Russians than just those named in the Treasury statement. As of Thursday it is, for all intents and purposes, out of business.