European banks paid 4 times more taxes in Russia than in 2021
29 April 2024 12:18
In 2023, European banks that remained in Russia paid the Kremlin more than €800 million in taxes. This was four times higher than in 2021, Komersant ukrainskyi 
citing the Financial Times.
The seven largest European banks in Russia – Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo, and OTP – reported a total profit of more than €3 billion in 2023. This was three times more than in 2021.
According to the publication, the increase in profits resulted in European banks paying approximately €800 million in taxes, compared to €200 million in 2021. This is in addition to the taxes paid by US banks such as Citigroup and JPMorgan.
The taxes paid by European banks account for about 0.4% of all expected non-energy revenues of the Russian budget for 2024.
More than half of the taxes were paid by the Austrian Raiffeisen Bank, whose net fee and commission income in Russia increased from €420 million in 2021 to €1.2 billion in 2023. The US is already threatening it with sanctions – the US Treasury Department has warned that the bank could be cut off from the US financial system if it does not stop financing the Russian army.
