Weekly Global News Wrap: US to bar Russian bond payments through US banks; England warns profit hit should banks fail to take climate action

And Barclays identifies material weakness in the internal control process.

From CNBC:
America is moving to ban Russia’s government from paying bondholders through American banks starting 25 May, according to the US Treasury Department.

The move increases the odds that Russia will default on its outstanding debt.

From Reuters:
The Bank of England warned that banks and insurers that fail to manage climate risks as a first-order issue could take up to 15% hit in their annual profits and higher capital requirements.

In its first comprehensive stress test of how Britain's financial system will cope with climate change and the shift to a net zero-carbon economy by 2050, the BoE said action now would lower future costs.

From Reuters:
Barclays had identified a single "material weakness" in its internal control processes, as it refiled its accounts with U.S. regulators after a blunder led it to issue more structured notes than it was allowed.