The seven largest European banks by assets paid more than 800 million euros ($857 million) in taxes to the Kremlin in 2023, which is more than the pre-war level, Financial Times reported on April 29.

Despite pledges to scale back their operations in Russia following the full-scale invasion of Ukraine, these banks—Raiffeisen Bank International, UniCredit, ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo, and OTP—increased their tax payments. Collectively, these institutions reported profits exceeding 3 billion euros ($3.2 billion) for the year.

Read also: Raiffeisen Bank International opts to divest Russian subsidiary

"Those profits were three times more than in 2021 and were partly generated by funds that the banks cannot withdraw from the country," FT notes.

The taxes paid by European banks are an example of how foreign companies remaining in the country help the Kremlin maintain financial stability despite Western sanctions.

Ukrainian Prime Minister Denys Shmyhal called for sanctions against the Russian nuclear and diamond industries in February 2023.

At least three EU countries – France, Hungary, and Bulgaria – are blocking the introduction of sanctions against Rosatom.

Germany called on the European Union to impose sanctions on Russia's nuclear energy industry back in April 2023.

Read also: USA warns Austria and its Raiffeisen Bank over cooperation with Russian banks

CNN analyst Jim Sciutto, who spoke with two senior officials in President Joe Biden's administration, said on March 9, 2024, that in late 2022, the United States began serious preparations for Russia's potential nuclear attack on Ukraine.

Putin's military machine has serious support from Rosatom, an expert said on April 25.

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