Foreign banks submitting requests to sell Russian subsidiaries

Foreign banks are filing applications to sell their subsidiaries in Russia, Central Bank of Russia (CBR) deputy governor Olga Polyakova told reporters on the sidelines of an international banking conference in Sochi organized by the Association of Banks of Russia, Azernews reports, citing Interfax.

"Such applications are coming in. As you know, there is a corresponding decree that all these issues are considered exclusively by decision of the president if we're talking about a bank with 100% foreign ownership. If the ownership stake is smaller, the government commission considers it," Polyakova said, referring to the sub-committee of the government commission on foreign investment.

At the end of October 2022, President Vladimir Putin approved a list of credit institutions that nonresidents from "unfriendly" countries can exit only with special permission. There are a total of 45 banks on the list.