As Vladimir Putin’s war in Ukraine has sparked demands for a financial crackdown on dictators and their oligarch networks, the Joe Biden administration is proposing to waive punishments for a scandal-ridden bank amid revelations that it had been providing resources to autocrats and their financial cronies — reportedly including Russian oligarchs who the Biden administration is promising to target.

The administration’s proposed waiver for the global investment bank Credit Suisse — whose donors delivered more than $100,000 to President Biden’s campaign — could shield a bank linked to those oligarchs as the war in Ukraine rages, after Biden used his State of the Union address this week to promise a crackdown.

“We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets,” he declared. “We are coming for your ill-begotten gains.”