Russia, Western banks pay 800 million in taxes. Here's what they’re | EUROtoday

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The largest Western banks remaining in Russia paid the Kremlin greater than 800 million euros in taxes final yr – a determine 4 occasions pre-war ranges, regardless of guarantees to reduce their publicity after the large-scale invasion of Ukraine.

This was revealed by an investigation by the Financial Times, in response to which the seven important European banks with actions in Russia – Raiffeisen Bank International, ING, Commerzbank, Deutsche Bank, Otp but in addition the Italian Unicredit and Intesa Sanpaolo – recorded a mixed revenue of over 3 billion euros in 2023.

These income are thrice larger than these of 2021 and had been partly generated by funds that banks can not withdraw from the nation. The improve in profitability has led European banks to pay round 800 million euros in taxes, in comparison with 200 million euros in 2021, in response to evaluation by the Financial Times. That determine provides to the income of U.S. lenders comparable to Citigroup and JPMorgan.

The taxes paid by European banks, equal to about 0.4% of all Russian non-energy price range revenues projected for 2024, are an instance of how overseas firms remaining within the nation assist the Kremlin preserve monetary stability regardless of the Western sanctions.