Nabiullina, the governor of the Central Bank of Russia, said on the 22nd of July that foreign banks would consider their plans to sell their Russian business individually. The government has warned that foreign banks will block attempts to withdraw from Russia as retaliation for Western sanctions.
The Ministry of Finance has recently announced a policy to prevent foreign banks from selling their Russian subsidiaries unless Russian banks can operate normally abroad.
Italy's UniCredit and Intesa, US City, and Austria's Raiffeisen are still looking for ways to withdraw from Russia, but France's Societe Generale and Britain's HSBC have found an exit.
Mr. Nabiullina was asked about the policy of the Ministry of Finance and explained the position that "all decisions are made individually". She said she would review domestic deals taking into account the actions taken by Western authorities at an overseas subsidiary of a Russian bank.
Sources have said earlier that the Central Bank of Russia has called for the domestic business of foreign banks to be under control, but the central bank is resisting fears that it will lead to withdrawals.
"There is currently no reason to put a foreign bank subsidiary under external control," Nabiullina said.
Credit Suisse, meanwhile, was banned by a Russian court from selling shares in its Russian subsidiary.
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