The list is a consequence of a decree issued on August 5 by the Russian president, Vladimir Putinin which they prohibited dealings in financial and energy sector holdings owned by parts of “unfriendly” countries, unless specific permission was given.
The list, published on Wednesday, includes Russian affiliates of the Credit Suisse, Raiffeisen, Citi, OTP bank and UniCredit Bankas well as the Russian banks Yandex-Bank and Ozon-Bank.
citi, the largest Wall Street bank with a presence in Russiawith an exposure of US$8 billion, planea close almost all institutional banking services being unable to sell the business amid recent sanctions related laws.
Economic sanctions were implemented from the beginning of the Russian invasion. Among them, the cap on Russian oil stands out, which led to the Organization of the Petroleum Exporting Countries (OPEC) and its allies agree to cut production to contain falling prices. Saudi Arabia, the largest producer of the group, denied that the decision was made to favor Russia.
Source: Ambito
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