For now, European banks with exposure to Russia don’t appear too concerned about the effect on their bottom lines of economic sanctions against Moscow, but that outlook could change if the sanctions linger.
On Thursday, the Austrian lender Raiffeisen Bank International and Rabobank of the Netherlands echoed comments from other European lenders in saying they expected a “low” or “limited” impact on their earnings as a result of Western sanctions imposed on Russia over the crisis in Ukraine.
Earlier this month, Federico Ghizzoni, the chief executive of Unicredit, said that the bank, Italy’s largest, expected the impact of sanctions on its business to be “marginal.”
The European Union and the United States have imposed a series of economic sanctions, including against several Russian businesses and individuals. Last month, the European Union also instituted punitive measures against Russia’s largest bank, Sberbank, and four other Russian financial institutions.
Russia responded by saying it would ban imports of food and agricultural products from the United States and Europe.