Despite ongoing geopolitical tensions, major Western banks have significantly increased their financial activities in Russia, leading to a substantial rise in their profits and tax contributions to the Kremlin. According to a report by the Financial Times, the combined profits of these banks, including Deutsche Bank, Commerzbank, Raiffeisen Bank International, and UniCredit, have tripled compared to pre-war levels. Specifically, Deutsche Bank's profits rose from €26 million before the conflict to €40 million in 2023, while Commerzbank's profits more than tripled. This surge in profitability resulted in these banks paying a total of €800 million in taxes to the Russian government in 2023, marking a fourfold increase from the annual average before 2022.
Western banks remaining in Russia paid Moscow more than 800 million euros in taxes in 2023 - Financial Times. This is four times more than before the start of the SMO in Ukraine https://t.co/NeLuMrQmJ9
🔴 Western banks pay €800m in tax to Putin’s regime Follow the latest in our business liveblog ⬇️ https://t.co/33neru5YOb
⚡️The largest Western banks remaining in Russia paid over €800 million in taxes to the #Kremlin last year, which is four times more than before the full-scale invasion, the Financial Times reported. https://t.co/kUCsXT76JH
These scummy Western banks still operating in Russia gave €800m to the Russian war machine that is slaughtering Ukrainians fighting for freedom and democracy. Their support for Putin - like too many other naive Western firms - is unforgivable https://t.co/9M337Cf0tZ
❗️Western Bank Bonanza For Russia - Quadruple Annual Tax Take For Kremlin The 7 top European banks still operating in Russia paid $850mn in taxes last year, four-times more than the average annual take pre-2022. (FT) The British paper didn't include taxes on profits given to… https://t.co/mIYgud52JT
Good Morning from #Germany, where the 2 largest private banks are apparently doing brilliant business in #Russia. Acc to the FT, Deutsche Bank has increased its profits in Russia from €26mln before the war to €40mln in 2023, while #Commerzbank has more than tripled its profits… https://t.co/NZdRtHGugt
Combined profit at the largest western banks that remain in Russia, including Raiffeisen Bank International, UniCredit and Deutsche Bank, jumped in 2023 to three times that of prewar levels, resulting in a fourfold increase in taxes paid to the Kremlin https://t.co/bNli6YdbGV https://t.co/nRGFzCymDW
💰 War hasn't stopped them. How much are multinationals earning in Russia? https://t.co/s7KqJJ96pG