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Deutsche Bank's Russia profits quintupled in 2022 (Photo: Tony Webster)

Feature

EU banks in Russia: next in line for asset-grab?

Deutsche Bank's Russia profits quintupled in 2022 (Photo: Tony Webster)

Leading EU banks are still operating in Russia despite a growing risk of being plundered by the Kremlin, as well as dragging their international brands through the mud.

Most British and US lenders, as well as some European ones, such as Crédit Agricole and Société Générale, have quit Russia since president Vladimir Putin invaded Ukraine last winter.

But after 16 months of Russian aggression, Austria's Raiffeisen Bank International, Dutch lender ING, Germany's Commerzbank and Deut...

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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