Espreso. Global

Russia profited €800 million in taxes from Western banks last year — media

29 April, 2024 Monday
13:11

Last year, Western banks that remained in Russia paid more than €800 million in taxes to the country

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The Financial Times reported the information.

The outlet notes that 7 European banks with assets in Russia, namely Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo, and OTP, reported a combined profit of over €3 billion in 2023. This figure is three times higher than the amount recorded in 2021.

The report also says that the profits of the seven banks were partially generated by the funds that the institutions cannot take out of Russia.

According to the Financial Times analysis, the increase in profitability is the reason why European banks paid about €800 million in taxes to Russia last year, when in 2021 the amount was €200 million.

  • On April 20, the ECB demanded that Raiffeisen Bank and UniCredit wind down their business in Russia.

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