European Central Bank (ECB) supervisory chief Andrea Enria has called on European lenders to expedite their exit from Russia amid the country’s ongoing illegal invasion of Ukraine.
In a letter to members of the European Parliament published on Tuesday, Enria said that while the ECB has urged the issue for months, the issue had taken on greater significance following the Wagner militia’s short-lived coup attempt last weekend.
Enria said that the mutiny underscored Russia’s political fragility and highlighted the reputational, legal and financial risk of doing business there.
In the letter, Enria has "urged these banks to speed up their downsizing and exit strategies by adopting clear roadmaps and by regularly reporting to their management bodies and to ECB Banking Supervision on the execution of these plans".
Banks including Austria’s Raiffeisen Bank International, JPMorgan Chase, OTP Group and UniCredit all have relatively large Russian businesses and are looking to remove themselves from the market.
Latest News
-
Financial Data Exchange becomes first US Open Banking standard setting body
-
BlackRock quits climate alliance as Wall Street retreats from environmental stance
-
Nomura names new international wealth management operations chief in Singapore
-
Latin American payments platform dLocal wins UK licence
-
British financial sector optimism falls at fastest rate since 2022 amid Budget concerns
-
TransUnion to buy Monevo
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories