banking
The U.S. State and Treasury departments issued what they called a "sweeping" set of sanctions against Russia and its financial backers on June 12, in the latest move to try and degrade Moscow's wartime economy. Western countries have imposed extensive economic restrictions against Moscow over its full-scale invasion of Ukraine, seeking to curb its state revenue and prevent it from obtaining key technologies needed for the war effort. More than two years into its war, it is unclear if the measures have had their desired effect. Russia has increasingly mobilized its economy to support its war, a...
Kyiv Independent (CA)
Ukraine’s banks are flush with cash. An influx of foreign aid, high interest rates on government bonds, pay rises for soldiers, and central bank policies after the start of the full-scale invasion boosted the sector's profits to 40.5 billion hryvnia ($1 billion) in the first three months of 2024, 19% higher than the same period last year. The banking sector has turned its fortunes around after hemorrhaging money in the first few months of Russia’s full-scale invasion. Back then, economic activity ground to a halt, international allies hesitated over foreign aid, and Russian troops occupied vas...
Kyiv Independent (CA)
Laurent Dupuch has weathered not one but two storms over the past few years as CEO and country manager of one of Ukraine’s largest banks Ukrsibbank. He arrived in Ukraine after almost seven years as CEO of the bank’s Morocco operations at the beginning of March 2020, right at the start of the Covid-19 pandemic. He stayed in Ukraine after the full-scale invasion began in 2022. According to Dupuch, it was the experience managing the bank during the pandemic that helped him to keep serving Ukrsibbank’s 2 million customers during Russia’s war. Ukrsibbank, a subsidiary of the French BNP Paribas ban...
Kyiv Independent (CA)
The largest Western banks that continue to operate in Russia have paid 800 million euros ($857 million) in taxes to its budget in 2023, which is four times more than before Moscow's full-scale invasion of Ukraine, the Financial Times (FT) reported on April 29, citing its analysis. In the immediate aftermath of Russia's full-scale invasion of Ukraine in 2022, Russia's banks – increasingly isolated from the global economy and laden with heavy Western sanctions – saw profits fall by 90% compared to 2021. Despite this, the Russian banking industry is once again thriving. Russia's state-owned Sberb...
Kyiv Independent (CA)
Major Chinese banks are limiting payments for transactions with Russia, fearing U.S. sanctions, Reuters reported on April 29, citing undisclosed trading and banking sources. The Wall Street Journal reported last week that Washington is drafting sanctions that will threaten to cut off Chinese banks that aid Russia's war effort from the global financial system. Chinese banks have stepped up scrutiny of Russia-related transactions since March or stopped doing business with Russia at all to avoid U.S. sanctions, the sources told Reuters. "Transactions between China and Russia will increasingly go ...
Kyiv Independent (CA)
Russia's state-owned Sberbank announced a first-quarter net profit of $4.32 billion, an 11.3% increase over the same period last year, Reuters reported on April 26. Despite being under Western sanctions, Russia's banking industry is once again thriving. Sberbank reported a record annual profit of $16.3 billion in 2023, a more than five-fold increase in 2022. "We are observing strong growth for the start of the year in retail clients' funds, which forms a solid base for the development of the business in the future," CEO German Gref said in a statement reported by Reuters. The bank announced on...
Kyiv Independent (CA)
The European Parliament sent a letter on April 25 to Austria's leaders, urging them to compel Raiffeisen Bank International (RBI) to cease its activities in Russia in compliance with EU sanctions. The Vienna-based bank group, the largest remaining Western bank in Russia, has been under increasing pressure since the start of the all-out war to scale down its activities in the country. The European Parliament's letter, addressed to Austrian Chancellor Karl Nehammer, Finance Minister Magnus Brunner, and Foreign Affairs Minister Alexander Schallenberg, cited reports that Raiffeisen was planning to...
Kyiv Independent (CA)
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