Seven of Europe's largest banks by assets in the country paid more than 800 million euros in taxes to the Kremlin last year, four times more than pre-war levels, despite vowing to minimize their presence in Russia after the full-scale invasion of Ukraine. About it reports Financial Times.
These banks — Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP — reported combined profits of more than €3 billion in 2023. This profit was three times higher than in 2021, and was partly generated by funds that banks cannot withdraw from the country, leading to higher tax payments.
The taxes paid by European banks, amounting to about 0,4% of all expected non-energy revenues for Russia's budget in 2024, are an example of how foreign companies remaining in the country are helping the Kremlin maintain financial stability despite Western sanctions.
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