The banking crisis has heightened risk of an economic downturn, the Wall Street bank claims The recent turmoil in the financial industry caused by the collapse of Silicon Valley Bank (SVB) has made a US recession more likely, JPMorgan Chase CEO Jamie Dimon has warned, noting that lenders are now tightening credit.

Financial transactions are a matter for the companies involved and not for the government, presidential spokesman Dmitry Peskov has said The issue of compliance with US sanctions by Chinese banks falls outside the purview of the Kremlin, presidential spokesman Dmitry Peskov told reporters on Tuesday.

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