Mariupol now // “You have chosen to support war crimes.” NBU wants Raiffeisen, OTP, Intesa, ING, Credit Agricole to pick a side.
National Bank of Ukraine considers it unacceptable that international banking and insurance groups like Raiffeisen Bank International, Intesa Sanpaolo, OTP Bank, ING Bank, Credit Agricole continue their business in Russia and Belarus, writes HB.
“By staying in Russia, you chose to support the aggressor and his war crimes. Additionally to moral aspects, this policy goes against the official position of the governments of democratic countries and the strong support of the Ukrainian people by the population of these countries.“, – says in statement NBU.
“Consequently, making a profit in the aggressor country leads to significant risks for the activities of these institutions in their main jurisdictions. Thus, the National Bank will make requests to the relevant governments and regulators to initiate a response to the above-mentioned actions of international financial groups.“, – added to the NBU.
The National Bank reminded that the Ukrainian Central Bank has repeatedly addressed and held meetings with the international financial community, urging the banking and insurance sectors to stop business activities in the territory of the Russian Federation and Belarus.
NBU wants banks to decide where they stand
“Similar appeals were sent to Raiffeisen Bank International, Intesa Sanpaolo, OTP Bank, ING Bank, Credit Agricole. Meetings were held with the management and shareholders of these groups, during which the NBU was once again assured that they “continue to study all strategic options for the future of their business in Russia, including options for exiting this market.” Assessing the situation in the eleventh month of the war, the National Bank notes the lack of progress to make final decisions on exiting the Russian market. We consider it unacceptable,” the statement said.
Additionally, the NBU states that the recent public information about the provision by banks belonging to international financial groups of preferential lending terms for participants in the so-called “special military operation” is another evidence that the statements that were made differ from the actual situation. They remain active participants in the Russian banking market, competing to increase their loan portfolios. The banks openly use the names “LPR” and “DPR” as separate entities in their own materials, effectively supporting Russia’s violation of international law.
“Every day we sum up the disappointing results of the losses that the war brought to our country. Every morning we start the day with a minute of silence, remembering the dead. While the business remaining in the Russian Federation sums up and counts. International banks must finally implement the decisive statements made almost a year ago and exit the market of Russia, which is up to its elbows in the blood of Ukrainians. The involvement of important European companies in the economy of a terrorist country is poisonous. War is a time to choose between profit and dignity“, – said the head of the NBU Andrey Pyshny.
