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Opinion
Paul J. Davies

Ruble Rally Is a Headache for Banks Stuck in Russia

Thanks to currency gains, assets are growing faster than they can be dumped.

Not every bank has suffered from Russian disruption like Societe Generale

Not every bank has suffered from Russian disruption like Societe Generale

Photographer: Andrey Rudakov

 

You don’t often hear bankers embarrassed about a surge in profits. But Johann Strobl, chief executive officer of Austria’s Raiffeisen International Bank, sounded almost exasperated explaining its exceptionally strong gains driven by its business in Russia.