The largest western banks that are still operating in Russia paid more than €800m (£684m) in taxes to the Kremlin last year in an illustration of how financial institutions are funding his war in Ukraine.
The seven top European banks by assets in Russia reported a combined profit of more than €3bn (£2.6bn) in 2023, which was three times more than in 2021.
The earnings of Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP were partly generated by funds that the banks could not withdraw from Russia.
Their jump in profitability meant that the European banks paid about $800m in tax to Moscow, up from €200m in 2021, according to analysis by the Financial Times.
Vladimir Putin has been seeking ways to support his war economy, including reducing output of Russian oil in an attempt to help increase price.
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2024-04-29 07:32:02Z
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