The main reasons for the possible withdrawal of foreign banks from the Russian market include the lifting of regulatory relaxation and the ongoing difficulties in the Russian economy.

“25-30 banks may exit the Russian market this year. The main reason for the decrease in the number of credit institutions in 2023 will be the voluntary departure of foreign players. The main part will be for the voluntary delivery of a license by both Russian and foreign banks, but there will also be a number of reviews, most likely from companies controlled by residents, ”the material says.

Thus, according to the results of the current year, more banks may exit the Russian financial market than in 2022. Lyudmila Kozhekina, director of banking ratings of the Expert RA agency, concluded that last year the number of foreign credit institutions in the Russian Federation decreased by 12.

On March 27, the newspaper Izvestia, citing sources knowledgeableThe management of the American financial conglomerate Citigroup will not be able to sell the Russian Citibank due to problems in the IT system using the software of Cisco and Oracle companies, which stopped distribution in the Russian Federation. At the same time, the fact that IT facilities are abroad creates additional difficulties for the financial holding.