European Banks Exit Russia: A Double-Edged Sword

Kremlin spokesman Dmitry Peskov highlighted the damaging effects on both Western and Russian companies if European banks leave Russia. He noted that banks like Austria's Raiffeisen Bank International and Italy's UniCredit play crucial roles in fund transfers for both local and foreign customers.

European banks leaving Russia would damage both Western and Russian companies, Kremlin spokesman Dmitry Peskov said on Tuesday, pointing to the many Western businesses that still operate in Russia.

The banks "perform quite important functions in transferring funds, not only in the interests of our customers of these banks, but also foreign customers," Peskov told reporters, when asked about Austria's Raiffeisen Bank International and Italy's UniCredit.