Seven leading European banks with the most assets in Russia reported paying more than €800 million in taxes to the Kremlin last year. This amount is four times higher than previous levels of taxation, although the banks promised to reduce their presence in Russia after the invasion of Ukraine.


According to the Financial Times, banks such as Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo, and OTP reported total profits of more than €3 billion in 2023. This level of profit is three times higher than in 2021 and is partly the result of the inability to take funds out of the country, which led to an increase in tax payments.


Tax payments by European banks account for about 0.4% of expected non-energy revenues to the Russian budget for 2024. This illustrates how foreign companies, by staying in Russia, help the Kremlin to ensure financial stability despite Western sanctions.