By David Henry

NEW YORK (Reuters). Some foreign clients have been angered by Western nations’ use economic sanctions against Russia in order to sanction it for the invasion of Ukraine. Citigroup Inc (NYSE:), to look into new ways of conducting trade and financing, said the chief executive on Monday.

Jane Fraser stated, in her Middle East CEO role, that “clients there don’t trust western finance order to place all of their eggs into that basket moving forward. That they are going to look at other options.”

Fraser said this while speaking at the Milken Institute Global Conference.

Citigroup has the largest international reach of all the big American banks. The bank provides global trade financing to companies and wealth management services to billionaires.

Fraser stated that “The weaponization of financial service is very significant.” It will likely accelerate recognition of emerging markets as well as the development of their domestic capital markets.