In a year and a half after the Russian invasion of Ukraine, only 13 foreign banking institutions completely withdrew from the Russian market, while 61 foreign banks are continuing to operate in the country fully or partially, according to KSE Institute.

Société Générale, Home Credit, and PPF have left the market, and a number of banks are suspending their business including Deutsche Bank, BNP Paribas, Commerzbank, Citigroup, Pekao SA and Morgan Stanley.

The list of those remaining include European banks Raiffeisen Bank International, UniCredit Group, OTP Bank, Credit Europe Bank, Crédit Agricole, as well as a number of Chinese, Japanese and South Korean institutions such as the Bank of China, China Construction Bank, ICBC Bank, Agricultural Bank of China, Mizuho Bank and KEB HNB Bank.

In 2022, the most significant increase in Russian assets was demonstrated by Commercial Indo Bank (+680 per cent), Bank of China (+409 per cent), and another Chinese bank ICBC (+340 per cent). However, Austria’s Raiffeisen Bank, Italy’s UniCredit Bank, and the US’s Citi Bank still hold the largest amounts of assets among foreign banks.

The banking situation has been highlighted by B4Ukraine, a coalition of civil society organisations, including BankTrack, trying to block access to the economic resources behind Russia.

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