Advisers to western banks trying to exit Russia say a law introduced by Vladimir Putin is disrupting sales and allowing deals to be hijacked by business people close to the Kremlin.
Almost a year into the invasion of Ukraine, only a handful of western banks have managed to leave Russia, albeit at steep cost, while others have made the choice to hold on to their businesses in the country.
For the majority trying to sell their Russian assets, however, hopes for a swift exit were shattered when Putin said last year that foreign owners from “unfriendly” countries could not complete deals without his approval. The list of implicated companies includes 45 banks with subsidiaries in Russia.
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