Some Western banks are still active in russia. The International Working Group on Sanctions against russia, headed by the Head of the Presidential Office Andriy Yermak and the Director of the Freeman-Spogli Institute for International Studies (FSI), Ambassador Michael McFaul, has named the seven largest European banks by assets in russia. This is stated in the Action Plan for further strengthening sanctions pressure on russia - Action Plan 3.0, UNN reports .
Details
The group recommended that western banks still operating in russia should be required to withdraw from the russian market.
The seven largest European banks by assets in russia - Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP - reported total profits of over €3 billion in 2023 and paid the Kremlin over €800 billion. These banks provide russia with a major financial sanctions loophole that helps finance the kremlin's war in Ukraine. This is war profiteering that is unacceptable
The document also states that these banks should be forced to pay fines proportional to the taxes they pay to russia, just as the United States punishes companies that pay bribes abroad.
Recall
The Action Plan to further strengthen sanctions pressure on russia - Action Plan 3.0, presented by the International Working Group on Sanctions against russia, proposes to consider the payment of taxes by foreign companies in russia as bribery, which should be punishable by fines.