Doing business in the sanctioned country poses a reputational risk, the European Central Bank has warned The European Central Bank (ECB) has urged lenders to speed up their withdrawal from Russia due to increased risks of doing business in the sanctioned country, the Financial Times reported on Tuesday, citing top banking supervisor Claudia Buch. Buch, who became chair of the ECB’s supervisory arm in January, told the outlet that her team is continuing to put pressure on European banks with operations in Russia to exit the country. A number of foreign banks have left Russia in the past two years due to the West’s
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