The largest banks in Europe that did business in Russia paid four times more taxes to the Russian budget at the end of 2023 than before the start of the special operation. Seven credit institutions transferred more than 800 million euros during the year.
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Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP posted a combined profit of €3 billion last year, the Financial Times reported. This is three times more than in 2021.
According to the publication, the increase in profits led the banks to pay 800 million euros in taxes in 2023 compared to 200 million euros in 2021. More than half of this amount comes from Raiffeisen Bank International: from 2021 to 2023, The profits of the Austrian group in Russia tripled to reach 1.8 billion euros.
In March, the US Treasury warned Raiffeisen Bank International of possible sanctions for continuing to operate in Russia.
Photo: Nazar Skladanyi / Shutterstock
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
