EU banks can't break up with Russia despite sanctions: Bloomberg
It's becoming a difficult task for banks in the European Union to break ties with Russia over the war in Ukraine, according to a report by Bloomberg, which states that the number of employees combined at the five European Union banks with the largest Russia operations has decreased by a mere 3% whileearnings have somewhat tripled, due to the hefty interest rates accumulated on their cash stuck in the country.
lol lol.... they cannot get the money out of russia
A concern for the involved banks is that staying in Russia brings the risks of being subject to US sanctions and fines, as confirmed by an anonymous source familiar with the matter.
Western sanctions, which restrict companies’ scope of business in Russia, coupled with local rules and taxes on sales, make it a tough job to get money out of the country since subsidiaries of foreign banks in Russia must conform to local regulations, which may go against the ECB’s pressure on the parent company.
and now time for a good laugh .. the sanctions against russia have cost the EU €500 million
A Modern Diplomacy report revealed that doubts linger regarding the efficacy of these sanctions, with Western acknowledgment of their limited impact on the Russian economy over the past two years. Notably, German Bundestag member Matthias Moosdorf underscored that "in Russia itself, they strengthen the mentality of a 'besieged fortress'. The actual costs of sanctions for the EU have alreadyexceeded €500 million." https://english.almayadeen.net/news/Economy/eu-banks-can-t-break-up-with-russia-despite-sanctions--bloom
