European banks pay four times more taxes to Russia than before special military operation

29.04.2024, Moscow.

European banks operating in Russia paid four times more in taxes than in 2021, Kommersant wrote on April 29, citing the Financial Times.

“European banks Raiffeisen Bank International, Unicredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo and OTP reported a combined profit of more than €3 billion in 2023. That is three times more than in 2021. Because of the jump in profitability, the banks paid about €800 million in taxes compared to €200 million in 2021,” the statement reads.

US banks were not included in the report, as they concealed their data on work in Russia. Foreign banks benefited from sanctions in Russia because Russian banks lost access to international payment systems, the statement reads.

In 2023, 36 Russian banks were under Western sanctions.

Source: Rossa Primavera News Agency