ECB keeps up pressure on banks to cut ties with Russia
Ukrinform
The European Central Bank (ECB) continues to put pressure on banks to loosen ties with Russia. However, the institution understands that it is not easy for banks to get approval from local authorities in Russia to go out of business.
ECB supervisor Andrea Enria stated this, Ukrinform reports citing Reuters.
"We continue putting pressure on banks to downsize and potentially exit (Russian market - ed.)," Enria said.
At the same time, he acknowledged that there are legal restrictions and that in order for banks to exit the business, they need to find suitable buyers and obtain permission from local authorities in Russia, which is not always easy.
As Ukrinform reported, the Green Party, which is part of the ruling coalition with the Austrian People's Party (ÖVP), criticized the Minister of Finance from the ÖVP, Magnus Brunner, for supporting banks, including RBI, that continue to operate in Russia.
