Russia on Wednesday banned trading in shares or equity of 45 banks or bank subsidiaries, all owned by parts of countries that Russia calls “unfriendly” or owned through foreign capital.
Western countries and their allies, including Japan, have imposed financial restrictions on Russia since it sent troops to Ukraine in late February. Moscow retaliated by putting obstacles in the way of Western companies and their allies leaving Russia and in some cases confiscated their assets.
The list follows an Aug. 5 decree by Russian President Vladimir Putin banning operations with stakes in the financial and energy sectors owned by parties in “unfriendly” countries unless specific permission was given.
The list, published Wednesday, included Intesa’s Russian subsidiaries, Credit Suisse, Raiffeisen, Citi, OTP bank and UniCredit Bank, as well as the Russian banks Yandex-Bank and Ozon-Bank.
Citi, Wall Street’s largest bank with a presence in Russia, with an $8 billion exposure, plans to shut down nearly all institutional banking services after failing to sell the business amid recent sanctions-related laws.