The largest European banks increased their contributions to the Russian budget by 300%.

The largest European banks that are still operating in Russia paid more than €800M in Russian taxes in 2023, which is 300% more than before the start of the full-scale war.

In particular, we are talking about such banks as Raiffeisen Bank International, Unicredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo, and OTP. Last year, they reported a combined profit of more than €3B, which is 200% more than in 2021.

According to the FT, more than half (€464M) of tax revenue from Western banks to the Russian budget fell on the Austrian banking group Raiffeisen Bank International (RBI). From 2021 to 2023, RBI’s profit in the Russian Federation increased by more than 200% to €1.8B.

In contrast, Deutsche Bank, OTP, and Commerzbank say that they have significantly reduced their presence in Russia. Intesa noted that they are close to leaving Russia.

American financial service providers are not included in the statistics because they do not officially disclose the financial results of their activities in the Russian Federation.