Luc Opdebeeck

Western banks in Russia paid €800mn in taxes to Kremlin last year – The Financial Times The largest European banks – Raiffeisen Bank International, Unicredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP – that continue to operate in Russia have paid more than 800 million euros in taxes to the Russian budget in 2023. This amount is four times more than before the war in Ukraine, The Financial Times has calculated. Last year, they reported a combined profit of more than 3bn euros, which is three times more than in 2021. According to the FT, Austrian banking group Raiffeisen Bank International (RBI) accounted for more than half (€464 million) of all Western banks' contributions to the Russian budget. From 2021 to 2023, RBI's profits in Russia more than tripled to €1.8 billion. The high profits of Western banks in Russia suggest that they are helping the country maintain financial stability amid sanctions, the FT notes. Source: ft.com/content/cd6c28e2-d327…!