Banks That Stuck With Russia Face Their Biggest Test of Nerve
Italian and Austrian firms have increased Russia loans since 2015, and France has a big presence too. SocGen, UniCredit and Raiffeisen are in the spotlight.
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Russia’s annexation of Crimea in 2014 was the moment when many global banks sharply cut their exposure to Vladimir Putin’s regime. But firms from some European nations weren’t put off for long.
Enticed by the profits on offer, lenders from Italy and Austria have actually increased their combined business in Russia since the start of 2015, according to data from the Bank for International Settlements compiled by Bloomberg Intelligence. French banks have reduced their Russian loans over the same period, but Societe Generale SA still has a significant presence in the country.