Ruble Strength Keeps Western Business in Russia – Bloomberg

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The strengthening of the Russian ruble against major currencies has become a real “headache” for Western companies that have decided to leave the Russian market.

How the agency reports Bloomberg, those corporations that began to quickly wind down business in Russia after the start of the special operation suffered huge losses. Thus, the French Societe Generale confirmed losses in the amount of 3.3 billion euros due to the sale of an asset in Russia.

Those companies that acted more prudently faced an increase in risk and a jump in profits. Experts are now trying to determine whether these successes could encourage them to delay liquidating assets or even hold on to their Russian business.

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This scenario is supported by the statement of the chief executive of the Austrian Raiffeisen Bank Johann Stroblwhich recognized Russia as the main source of the bank’s high income.

“We are, of course, delighted to report record-breaking results. We saw an unusually high contribution to this from business from Russia and an unprecedented strengthening of the ruble against the euro”, – he said.

The Russian currency gained about 40 percent against both the dollar and the euro in the second quarter of this year. Against this background, Raiffeisenbank tripled its profit in Russia in the first half of the year compared to the same period last year.

Previously EADaily reported that the UK has postponed the curtailment of operations with Rosbank, which belongs to the sanctioned Vladimir Potanin.

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