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Western banks in Russia paid €800mn in taxes to Kremlin last year

Figure represents a fourfold increase on prewar levels and comes as profits jump at European lenders still in the country

The largest western banks that remain in Russia paid the Kremlin more than €800mn of taxes last year, a fourfold increase on prewar levels, despite promises to minimise their Russian exposure after the full-scale invasion of Ukraine.

The seven top European banks by assets in Russia — Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP — reported a combined profit of more than €3bn in 2023.

Those profits were three times more than in 2021 and were partly generated by funds that the banks cannot withdraw from the country.

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