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FT: Western banks may be allowed to sell business in Russia to sanctioned Russians. They also have an option to exchange assets


“If you can’t sell anything to anyone on the sanctions list, then what’s the only option left? Go and talk to the people who impose sanctions,” a representative of one of the banks considering the sale of their Russian assets told , that we could sell the assets of a sanctioned person or entity if they meet certain criteria. We probably won’t do that, but we’ve talked about this option, we’ve got a chance to talk about it, and we should explore all that. “

The publication also indicates that banks can negotiate with Russian buyers who have a business in the West, the exchange of assets. VTB and Sberbank are mentioned in this context, but both banks are sanctioned. At the same time, according to the sources of the publication, both the American bank Citigroup and the largest Italian bank UniCredit are currently looking for opportunities to conclude transactions with Russian financial institutions that have not been affected by sanctions and consider this option to be preferable.

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FT also reports that UniCredit has turned down an offer to buy its business in Russia from Vladimir Potanin’s Interros group, which is not on the EU, US and UK sanctions lists. Neither party has officially commented on the release of this information.

Last week, the Financial Times reported that US and European banks are preparing to suffer losses of more than $ 10 billion if they reduce their activities in Russia or leave the Russian market completely.

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