Several European banks reported cumulative revenue of more than €3 billion in 2023.
Europe’s seven biggest banks by national assets paid the Kremlin more than 800 billion euros in taxes last year – four times higher than pre-war levels – despite vows to cut their presence in Russia after the full invasion of Ukraine. It was reported by the Financial Times.
The banks in question: Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP – reported combined revenues of more than 3 billion euros in 2023. Those revenues tripled those in 2021 and partially derived from funds that banks cannot transfer abroad, leading to higher tax payments.
Taxes paid by European banks, which account for about 0.4% of all non-energy revenue in Russia’s 2024 budget, are an example of how foreign companies staying in the country are helping the Kremlin maintain stability of finance despite Western sanctions.
As we have already written, the amount of cash foreign currency imported by Ukrainian banks in March 2024 reached $855 million. This is 25% less than in February – $1.138 billion.
Four major Chinese banks have stopped accepting yuan from Russia
@font-face {font-family:”Cambria Math”; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-536870145 1107305727 0 0 415 0;}@font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-536859905 -1073732485 9 0 511 0;}p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:””; margin:0cm; mso-pagination: widow-orphan; font-size:12.0pt; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-font-kerning:1.0pt; mso-ligatures:standardcontextual; mso-fareast-language:EN-US;}.MsoChpDefault {mso-style-type:export-only; mso-default-props: yes; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;}div.WordSection1 {page:WordSection1;}
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.