Over the past few months, almost every major international bank with operations in Russia has declared that they are considering exiting the country, if they have not left already. The severe international sanctions imposed on Russia in response to its invasion of Ukraine, coupled with the ethical and reputational risks, have made it extremely challenging for banks to stay.
“There are challenges for international banks complying with the sanctions as the sanctions are still being worked out in detail, and [in the past, we’ve seen] banks receiving large fines for not carrying out the sanctions correctly,” says Elisabeth Rudman, head of the European financial institutions group at DBRS Morningstar.
