NBU calls on international banks to act on promises and stop supporting aggressor

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supporting aggressor

The National Bank of Ukraine [NBU] has repeatedly communicated with the international financial community, calling on the banking and insurance sector to stop doing business in russia and belarus. Such calls have been addressed to Raiffeisen Bank International, Intesa Sanpaolo, OTP Bank, ING Bank, and Credit Agricole.

“The NBU has met with the leadership and shareholders of these groups and received multiple assurances that they ‘continue to explore all strategic options for the future of their business in russia, including ways of exiting this market.’ Eleven months into the war, the NBU has reassessed the situation and found that these groups have made no progress in making final decisions about leaving the russian market. We consider this unacceptable,” the message reads.

According to the NBU, the banks that are part of international financial groups have provided preferential lending conditions to the participants of the so-called “special military operation.” “This comes as more evidence that the previously declared intentions differ from the actual state of affairs. These banks remain active participants in russia’s banking market and are competing to expand their loan portfolios,” the release said.

“We are once again publicly appealing to the management of international banking groups: be advised that by opting to stay in russia, you have chosen to support the aggressor and its war crimes,” the NBU said.

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