banking
The largest Western banks that continue to operate in Russia have paid 800 million euros ($857 million) in taxes to its budget in 2023, which is four times more than before Moscow's full-scale invasion of Ukraine, the Financial Times (FT) reported on April 29, citing its analysis. In the immediate aftermath of Russia's full-scale invasion of Ukraine in 2022, Russia's banks – increasingly isolated from the global economy and laden with heavy Western sanctions – saw profits fall by 90% compared to 2021. Despite this, the Russian banking industry is once again thriving. Russia's state-owned Sberb...
Kyiv Independent (UK)
Major Chinese banks are limiting payments for transactions with Russia, fearing U.S. sanctions, Reuters reported on April 29, citing undisclosed trading and banking sources. The Wall Street Journal reported last week that Washington is drafting sanctions that will threaten to cut off Chinese banks that aid Russia's war effort from the global financial system. Chinese banks have stepped up scrutiny of Russia-related transactions since March or stopped doing business with Russia at all to avoid U.S. sanctions, the sources told Reuters. "Transactions between China and Russia will increasingly go ...
Kyiv Independent (UK)
Russia's state-owned Sberbank announced a first-quarter net profit of $4.32 billion, an 11.3% increase over the same period last year, Reuters reported on April 26. Despite being under Western sanctions, Russia's banking industry is once again thriving. Sberbank reported a record annual profit of $16.3 billion in 2023, a more than five-fold increase in 2022. "We are observing strong growth for the start of the year in retail clients' funds, which forms a solid base for the development of the business in the future," CEO German Gref said in a statement reported by Reuters. The bank announced on...
Kyiv Independent (UK)
The European Parliament sent a letter on April 25 to Austria's leaders, urging them to compel Raiffeisen Bank International (RBI) to cease its activities in Russia in compliance with EU sanctions. The Vienna-based bank group, the largest remaining Western bank in Russia, has been under increasing pressure since the start of the all-out war to scale down its activities in the country. The European Parliament's letter, addressed to Austrian Chancellor Karl Nehammer, Finance Minister Magnus Brunner, and Foreign Affairs Minister Alexander Schallenberg, cited reports that Raiffeisen was planning to...
Kyiv Independent (UK)
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