Abstract
AbstractWestern allies have imposed restrictive measures on Russian banks and threatened harsher sanctions on the finance sector since the annexation of Crimea in 2014. However, this did not impede sanctioned banks reporting record profits, nor deter Russia from invading Ukraine on 24 February 2022. Although the sanctions’ full effectiveness remains in question, the impact of Russia's invasion of Ukraine has not only caused a retreat of foreign banks from mainland Russia, but also ended the international ambitions of the largest Russian banks in Europe and beyond.
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