As a means of depoliticizing the sanctions fight, #ZASM lobbied for the UNHRC to come to Zimbabwe and measure the negative impact of western sanctions on the country. In turn, the UNHRC came and declared western sanctions on Zimbabwe illegal and violations of human rights.
On the back of the UNHRC declaration, ZASM began suing South African-based banks for discriminating and implementing illegal western sanctions on Zimbabweans, without trial.
Thirteen months on, nine new #CorrespondingBanking relationships have been signed this year alone, with Standard Bank and Bidvest forming new US-dollar corresponding banking relationships with CABS, while Steward Bank formed another with FNB.
On financial markets, ABSA and Standard Bank have loaned the Zimbabwean government US$193 million to build hospitals.
And all this is happening after 22 years of global banks derisking from Zimbabwe and canceling 108 corresponding banking relationships with Zimbabwe over that period.
Just in 2021, Deutsche Bank cancelled its relationship with Stanbic Bank, while all South African commercial banks, notified the Reserve Bank of Zimbabwe in 2019, that from 2020, they would no longer give the RBZ US dollar notes.
Notwithstanding, 13 months into the #ZASMvsUSAandSABanks case, the same banks are coming back to restore US-dollar corresponding bank relations and lending the Zimbabwean government US dollar loans, without fear of OFAC penalties, asset confiscation, criminal prosecution by the US or FATF penalties.
That is a huge breakthrough in the fight against sanctions, and it’s not coincidental. It has been catalyzed by ZASM’s legal case against banks in South African courts.
The Standard Bank situation, has been advanced by ZASM writing to the Chinese government, which is the biggest shareholder in Standard Bank, asking them to stop their bank from implementing illegal U.S. sanctions on an ally (Zimbabwe).
These are the results of years of behind the scenes work, without much support from those who are now benefiting. Our insanity is now paying off.
