Stop Doing
Business with Russia
Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exit Completed
The Russian subsidiary is operating in compliance with the international sanctions. The company is winding down corporate lending. OTP Bank Plc. does not provide financing to its subsidiary in Russia (not verified + reinvesting profit is also a financing). OTP Bank has suspended transfers in US dollars. But the bank offers to convert dollars into euros for the transfer. The National Agency for the Prevention of Corruption (NACP) added the Hungarian OTP Bank to the list of war sponsors. At the end of September 2023 NACP suspended OTP Bank from the list of international sponsors of war while negotiations are underway. OTP Bank is in communication with the national agency and the European Commission in the process of implementing the exit plan from the Russian Federation. The subsidiary bank of the Hungarian OTP in Russia has increased profits by 150 times and is expanding its business. Russian companies have begun to move en masse to the Hungarian OTP Bank from the Austrian Raiffeisenbank after the latter introduced new restrictions on currency transfers on September 2, 2024. Hungary's biggest bank, OTP Bank, boosted its business with Russia last year, helping to bolster its profits, as rival European lenders came under increasing pressure to pare back their ties with Moscow due to its war in Ukraine.
Hungary's government has decided to withdraw its representatives from the Russia-controlled International Investment Bank (IIB) and will quit it. The IIB, which is based in Budapest and has come under US and EU sanctions, is closing its Hungarian headquarters, leaving the EU and returning to Russia.
