A European bank's operations in Russia are cynical and criminal - Paet

TALLINN - According to Urmas Paet, Vice-Chair of the European Parliament's Foreign Affairs Committee, it is cynical and criminal for any European bank to be operating in Russia now, when Russia's war against Ukraine has been ongoing for years.

"It is strange and painful to read the comments from the former head of the Estonian Financial Supervision Authority, Kilvar Kessler, suggesting there is nothing special about the continued operations in Russia of Hungary's OTP Bank, which is seeking to acquire Luminor, simply because other major European banks also operate there," Paet noted.

"For a European bank to operate in Russia now, when the Russian war against Ukraine has been ongoing for years, claiming many lives, and while Russia's hybrid war against Estonia and all of Europe continues, is exceptionally cynical and criminal. Yes, there are still a few banks in Europe that are completely indifferent to Russia's slaughter of the Ukrainian people. But the majority of European banks left the Russian market long ago," he said.

"Hungary's OTP Bank, which is acquiring Luminor, is one of those few European banks that continues its cynical business in Russia, just as the Hungarian government led by Orban has done for years.

OTP Bank was also on the sanctions list imposed by Ukraine as a business entity supporting Russia's war against Ukraine. If this deal goes through and OTP does buy Luminor, then I can't imagine which Estonian customers would want to do any business with a bank that is indifferent to Russia's war against Ukraine," Paet remarked.