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Parliamentary question - E-001199/2022Parliamentary question

Impact of Western sanctions on the Russian banking sector on the EU’s economy

Question for written answer  E-001199/2022
to the Commission
Rule 138
Thierry Mariani (ID)

On 26 February 2022, the EU announced a series of new financial and economic sanctions targeting the Russian banking and monetary system.

On 2 March 2022, the EU decided to exclude seven Russian banks from the SWIFT network[1]. On the same day, Sberbank, one of the biggest banks in Russia, announced it was leaving the EU market as it is undergoing a restructuring process following the adoption of international sanctions targeting the Russian banking sector.

Sberbank and Gazprombank play an key role in the EU energy supply as they manage most of the payments linked to gas and petrol exports.

Analysts expect European banks operating in Russia to post record losses attributable to their Russian branches on their balance sheets. For example, they calculated that the Austrian branch of the Luxembourgish bank Raiffeisen made 32% of its profits from its Russian branches, while 9% of its total loans came from clients in Russia. UniCredit and Société Générale each make 6 to 7% of their profits in Russia while loans in their branches account for approximately 2%[2].

Can the Commission explain what consequences Western sanctions imposed on the Russian banking sector are likely to have on the EU’s economy?

Last updated: 1 April 2022
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