The European Central Bank has urged financial institutions to accelerate their exit from Russia due to rising risks after Prigozhin's mutiny 

In a letter to members of the European Parliament, Enria said that the ECB recently “urged these banks to speed-up their downsizing and exit strategies by adopting clear roadmaps” and regularly reporting on progress to their management bodies and the watchdog. Continuing to operate in Russia carries increased reputational, legal and financial risks, Enria added.

The largest European credit institutions that continue to do business in Russia are Austria's Raiffeisen Bank International (RBI), Hungary's OTP Group and Italy's UniCredit, Reuters reports.

RBI CEO Johann Strobl said that the organisation is working on scenarios for withdrawal from Russia "in full swing". Earlier it was reported that the Austrian group is considering the option of selling or separating its Russian business.

• On 18 February, it was reported that the US sanctions authority had launched an investigation into Raiffeisen Bank International because of its representative office in Russia, which plays an important role in the economy of the terrorist state.
• On 23 March, the National Agency on Corruption Prevention added Raiffeisen Bank International to the list of international sponsors of war.
• On 24 March, The European Central Bank (ECB) demanded that the Austrian Raiffeisen Bank International leave the Russian market.
• On 23 May, it became known that Raiffeisen Bank International had abandoned the idea of selling its Russian unit, having failed to find a buyer. Now the Austrian group intends to spin it off and transfer it to shareholders.
• On 4 May, the National Agency on Corruption Prevention added Hungary's OTP Bank to the list of international sponsors of war because of its activities in Russia and de facto recognition of the LDNR.
• Hungarian Foreign Minister Péter Szijjártó said that Ukraine's inclusion of the Hungarian OTP Bank on the list of war sponsors would make it difficult for Budapest to agree with the EU on new sanctions against Russia.