released on August 1, "The local and international laws and regulations governing the sale of businesses in Russia are subject to constant change."
Moiseev said at the Friday forum there was one foreign bank applying to sell its assets in Russia, Reuters reported. He did not name the bank but added that Raiffeisen had not made such an application.While Western banks have reduced or are working on reducing their exposure to the Russian market, Chinese banks are trying to fill their shoes.
The Kyiv School of Economics found China's Big Four banks — the Bank of China, Industrial & Commercial Bank of China, China Construction Bank, and Agricultural Bank of China — had more than quadrupled their lending to Russia between February 2022 and March 2023, theThe big four Chinese banks had a combined exposure of $2.2 billion to Russia's banking sector at the beginning of February 2022. That jumped to nearly $10 billion at the end of March 2023, the FT reported.
Russia's finance ministry, Kyiv School of Economics, Bank of China, Industrial & Commercial Bank of China, China Construction Bank, and Agricultural Bank of China did not immediately respond to requests from Insider for comment. The Chinese banks declined to comment to the FT.