According to estimates from Citigroup analysts, the bank will this year make a net profit from its units in Russia and close ally Belarus of nearly €1.2bn, compared with barely €500mn from all its other continuing operations: that is 69 per cent of profits.
This both looks bad and is bad. For a western bank to be thriving there is a snub to western governments that have tried to shut down Russia's global connectivity. It is also a very real help to the country's economy, and thus its war machine. The western banks still in Russia are key conduits for clients there to operate internationally, while simultaneously generating substantial tax revenues. (Last year foreign banks
paid more than €800mn
in taxes to the Russian government, with Raiffeisen responsible for more than half that tally.)