Some of America’s biggest banks are being told to preserve records involving Russian diesel as senior Democrats prepare for investigations that could begin if next week’s midterm elections shift control of Congress. The demand comes amid a broader fight over President Donald Trump’s agreement to increase Russian diesel supplies to U.S. and global markets. Lawmakers from both major parties have argued that purchasing Russian fuel would provide Moscow with revenue while Washington is seeking to pressure Russian President Vladimir Putin to end the war with Ukraine.
Trump has defended the agreement as a way to increase diesel supplies and bring down fuel prices. Now, Democrats are signaling that a victory next week could give them the committee power to turn those warnings into congressional investigations. JPMorgan, Bank of America, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley were among the recipients of a letter demanding that they preserve records involving proposed or actual Russian diesel transactions, Axios reported Monday.
The same demand was sent to port authorities in Texas and New York/New Jersey. According to a copy of the letter reviewed by Newsweek, the lawmakers warned that importing Russian diesel raises “significant legal questions and may be subject to legal action, as well as congressional investigations.” They went further than simply warning companies not to participate. Citing the “anticipation of further congressional oversight,” the lawmakers demanded preservation of contracts, invoices, shipping and vessel records, payment records and communications with suppliers, intermediaries and U.S. government officials.
Recipients were asked to confirm by October 28, less than a week before Election Day on November 3, that preservation measures had been put in place. Newsweek reached out to the Treasury Department, Massachusetts Senator Elizabeth Warren’s office and JPMorgan Chase for comment. The White House pushed back on the prospect of Democratic-led investigations in response to Newsweek on Monday, accusing Democrats of a “decade-long obsession with investigating President Trump.” An administration official, speaking on background, also defended the Treasury authorization, saying that the general license “is in compliance with all applicable laws.” The letter was signed by Democratic Senators Jeanne Shaheen of New Hampshire, Ron Wyden of Oregon, Warren, Chris Coons of Delaware and Sheldon Whitehouse of Rhode Island, as well as Democratic Representative Gregory Meeks of New York and Republican Senator Thom Tillis of North Carolina.
Several of those Democrats could gain substantially more power to investigate the administration if their party wins control of Congress. Warren is the top Democrat on the Senate Banking Committee, Wyden is the ranking Democrat on the Finance Committee and Shaheen, who is retiring at the end of this Congress, is the ranking Democrat on Foreign Relations. Meeks is the ranking Democrat on the House Foreign Affairs Committee.
With Shaheen leaving the Senate, Coons is in line to lead Foreign Relations if Democrats take control. Warren, Wyden and Whitehouse are similarly positioned to lead the Banking, Finance and Judiciary committees, respectively, while Meeks could take the Foreign Affairs gavel if Democrats win the House. That would turn the lawmakers’ current warnings into a possible preview of committee investigations of the Trump administration and private companies involved in the Russian diesel trade.
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