Putin have targeted western companies and bankswho are forced Sell Russian Assets to Moscow, In July, the Kremlin seized control of local branches of Danone and Carlsberg, insisting that everything Western is no longer safe on Russian soil.
Banca Intesa in Russia: the exit is being evaluated
Companies and banks are speeding up transfer on transfer escape russia by negotiating with the government renamed “Russia-Exit”, Today Putin is going to give it the necessary approvalBanca Intesa’s exit from Russia,
It is not easy for any bank to leave Russia: Kremlin in 2022 Sale of financial assets is prohibited, measured in Responding to Sanctions European and American. to leave Russia western banks would have to get a Permitted directly by the Russian government, And for those who are left, life is a bumpy road: In October 2022, the Russian government banned 45 banks from transacting with shares without government approval: “The Russian president may authorize the sale of shares held by hostile subjects.” States reserve the right to do so only with a special decision”, it was explained with a provision dated August 2022. The stricture was supposed to last until December 31, 2022, unless extended: “The validity period of the restrictions established by this decree may be extended repeatedly by the President of the Russian Federation”. Translation: Putin has the ability to maintain his control as long as he wants.
For Western operators, Russian is a position uncertainty and instability, The picture may change depending on the wind: the scope of action of operators may be tightened again, for example, as a response to new sanctions coming from the West.
Intesa Sanpaolo: the future of branches in Russia
In these hours the Intesa Sanpaolo case is on the table of Vladimir Putin. the news is confirmed reuters and from the independent Russian collectivity AgentMedia. Putin is reportedly considering allowing the bank headed by Carlo Messina to transfer its Russian assets to local management.
As geopolitical tensions rise, Intesa Sanpaolo does its best Reduce Risk in Russia, “We can now be considered a bank with zero exposure to Russia, but we will continue to work to reduce the limited residual exposure,” Carlo Messina announced at the end of 2022. In June, Banca Intesa reported a significant decrease in Russian loan customers: -77% compared to the previous year for cross-border loans (equivalent to 700 million euros) and -66% in respect of local loans (equivalent to 100 million euros). There is discussion. In the third quarter of 2022, the exposure to Russia was reduced by 65%, amounting to EUR 2.3 billion (0.3% of Intesa Sanpaolo’s total loans). Today, for Banca Intesa, Russian clients account for 0.2% of the total.
Vladimir Putin’s economic war
Putin has more than one arrow in his quiver: Wagner mercenaries, hundreds of thousands of soldiers and ultra-technological missiles on the battlefield. White-collar offices have control over Western companies in Russia, influence over the price of grain, and Russian influence over the price of oil and gas.