By Hannah Lang

WASHINGTON (Reuters] – Maxine Waters, a well-known U.S. lawyer (NYSE:), asked 30 trade associations in financial services for information about their member’s actions to close business relationships with Russia. The move comes as more companies feel pressure to reduce ties with Moscow.

Waters, in a request for information, requested that data be provided on Russian businesses still operating in Russia in the wake of the invasion of Ukraine.

She asked them to describe the processes used by their members in complying with Western sanctions. She requested that the group information be submitted to her within 20 days.

U.S. Representative Waters is a California Democrat and chairs the House Financial Services Committee. She did not say what the committee could do with the data.

Financial companies have taken varying approaches in response to Russia’s invasion and Waters’ scrutiny is likely to increase pressure on those institutions which have yet to exit.

The Committee does not have an accurate picture of Russia’s divestments, even though several companies have made voluntary withdrawals from Russia, she stated.

We can effect real, lasting change when the U.S. economic might is used against atrocious countries.

U.S. payment firms Visa Inc (NYSE:), Mastercard Inc (NYSE:) and PayPal Holdings Inc suspended their operations in Russia earlier this month, a move welcomed by the White House.

Many of Wall Street’s largest banks include Citigroup Inc (NYSE:), JPMorgan Chase & Co (NYSE:), and Goldman Sachs Group Inc (NYSE) has committed to closing down Russian business, but they also plan to maintain a small presence in Russia and to keep hold of Russian banking licenses.

However, the majority of cryptocurrency exchanges are resisting calls to shut down Russian users. There is concern that these digital assets might be used to circumvent Western sanctions.