n the first nine months of 2024, foreign banks that remain operational in Russia reported net profits of 210.9 billion rubles (equivalent to $2.34 billion at an average exchange rate of 90 rubles per dollar for this period). This marks a 30% increase compared to the same period in 2023. Despite their share of assets in the Russian banking system declining to 2.41%, they accounted for 8.01% of the total profits of the banking sector.
This information is based on the monitoring conducted by the KSE Institute as part of the SelfSanctions / LeaveRussia project, which examines the economic impact of foreign businesses exiting the Russian market.
Among these banks, Raiffeisenbank recorded the highest profit of 107.3 billion rubles (approximately $1.19 billion), representing 4.08% of the total profits of the Russian banking sector during this period. Other notable contributors include ICBC Bank (25.5 billion rubles or $283 million), OTP Bank (22.5 billion rubles or $250 million), Bank of China (9.9 billion rubles or $110 million), and Credit Europe Bank (12 billion rubles or $133 million).
Over the past nine months, at least three major foreign banks — UniCredit, Citigroup, and JPMorgan Chase — have announced their departure or are in the process of exiting the Russian market. As a result, the assets of foreign banks with a “stay” status have decreased. However, their profitability continues to grow, making foreign banks more profitable on average than their local counterparts.
As of December 5, 2024, 2,223 international companies continue to operate in Russia, 1,367 are reducing their activities, and 452 have completed their exit.
In November 2024, 12 companies liquidated or sold their businesses, collectively generating approximately $1 billion in revenue in 2021. Among them are Foss A/S, Kemppi, Mitutoyo, Nurminen Logistics, Spectrum Brands, Constantia Flexibles, Digital Agency, EVN AG, GXO Logistics, Jaguar (as part of Jaguar Land Rover), PPF Life insurance, LLC, and Carlsberg, which sold its assets to local company VG Invest for $320 million, roughly a third of their estimated value.
