Russian corporates stashed cash at EU banks in Q1

Deposits from non-financial corporations increased 36%, while Moscow’s central bank cut balances by 28%

European Union banks saw an influx of deposits from Russian corporations in Q1 2022, coinciding with the outbreak of war in Ukraine and the subsequent imposition of widespread financial sanctions against Moscow and state-linked entities, European Banking Authority (EBA) data shows.

Deposits from Russian non-financial corporations, the type of counterpart accounting for the most deposits, reached €32.2 billion ($32.7 billion) at end-March, an increase of 36% since end-2021. Balances for

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