Funding the war: the role of European banks in Russia [Yahoo! Finance]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
to the Kremlin's coffers, thereby indirectly funding the ongoing conflict in Ukraine. In 2023, the largest Western banks still active in Russia collectively paid over €800 million (£684 million) in taxes to the Kremlin. This figure represents the financial support flowing from international financial institutions into the war effort more than two years after it began. The leading European banks active in Russia, such as Raiffeisen Bank International (Austria-based), UniCredit (Italy), ING (The Netherlands), Commerzbank (Germany), Deutsche Bank (Germany), Intesa Sanpaolo (Italy), and OTP (Hungary), collectively amassed profits surpassing €3 billion (£2.6 billion) in 2023. This figure marks a threefold surge compared to the preceding year. Notably, all these banks incorporate leasing and asset finance divisions within their comprehensive suite of financial services. Western banks have also benefited from sanctions on the Russian financial sector, with restrictions on Swift payment
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News
- Yellen urges German banks to boost compliance with US sanctions on Russia [Yahoo! Finance]Yahoo! Finance
- Austria creates €500 million fund to support investment in Ukraine [Yahoo! Finance]Yahoo! Finance
- Russian metals tycoon says US Treasury sanctions against him are 'balderdash' [FOX News]FOX News
- Russian tycoon Deripaska calls latest US sanctions 'balderdash' [Yahoo! Finance]Yahoo! Finance
- Raiffeisen Bank faces U.S. dollar system ban over Russian ties [Yahoo! Finance]Yahoo! Finance