FT: Western banks are discussing the sale of Russian business to people under sanctions
Western banks are discussing with national regulators the possibility of selling business in Russia to individuals or legal entities that are on the sanctions list. About this with reference to informed sources reported newspaper Financial Times (FT).
The publication learned that Western banks are also discussing the option of an asset swap with Russian buyers who have a business in Europe. In this regard, the FT mentions Sberbank and VTBthat are on the sanctions lists.
According to the interlocutors of the newspaper, the American form of Citigroup and the Italian bank UniCredit are looking for an opportunity to conclude deals with Russian financial institutions that have not been sanctioned. They call this option more preferable for themselves.
“Basically we were told that we could sell the assets to a sanctioned person or entity if they meet certain criteria. Most likely, we will not do this, but we discussed this option, we have the opportunity to discuss such things, and we must explore all options, ”a representative of one of the Western banks told the newspaper.
Formerly Financial Times columnists expressed the opinion that Western companies that have decided to leave the Russian market have to “dance with the devil.” The lack of crowds of potential buyers, the costly consequences of exiting the Russian market and the uncertain prospects for a return to it are causing Western companies to suffer huge losses, observers wrote.