Economical Exodus 

by Meifan Honcharuk
Wednesday, June 14, 2023
Economical Exodus 

The European Central Bank obliges its 110 institutions to leave Russia

During an international financial conference in Paris, the head of the inspectorate of the European Central Bank, Andrea Enria, said that the cooperation of eurozone banks with Russia is a stain on the reputation of the ECB. Therefore, the ECB motivates banks to accelerate the pace of exit from the Russian market.

"We not only welcome this process (exit of eurozone banks from Russia — ed.) but also put a lot of pressure on them because there are big reputational risks associated with continuing to work in Russia," Andrea Enria.

Today, the European Central Bank has 110 banks, and Andrea Enria admits that leaving Russia is becoming more difficult daily. The reason is that Russia does not stop trying to come up with new obstacles for foreign enterprises and organisations (such as a ban on the withdrawal of funds), thus continuing to manipulate sanctions against its collapsing economy.

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