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Russia bans dealing in capital of 45 foreign-owned banks or banking units By Stocksak

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© Stocksak. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd Wiegmann

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MOSCOW (Stocksak) – Russia on Wednesday banned dealings in the shares or share capital of 45 banks or banking units, all either owned by parties in countries that Russia terms “unfriendly” or owned through foreign capital.

Western countries and allies, including Japan, have piled financial restrictions on Russia since it sent troops into Ukraine in late February. Moscow retaliated with obstacles for Western businesses and their allies leaving Russia, and in some cases seized their assets.

The list followed a decree issued on Aug. 5 by President Vladimir Putin banning dealings in stakes in the financial and energy sectors owned by parties in “unfriendly” countries unless specific permission was given.

The list, published on Wednesday, included Russian units of Intesa, Credit Suisse, Raiffeisen, Citi, OTP bank (BU:) and UniCredit Bank, as well as the Russian Yandex-Bank and Ozon-Bank.

Citi, the largest Wall Street bank to have a presence in Russia with an exposure of $8 billion, plans to wind down nearly all of the institutional banking services as it is unable to sell the business amid the recent sanctions-related laws.

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