German Deutsche Bank refuses to close its business in Russia because it would be contrary to its “values”.
This is stated in a letter from the executive director of the bank Christian Sewing in a note to employees of Deutsche Bank, according to Reuters.
“We are often asked why we do not leave Russia completely. The answer is that it is against our values,” Swing said in a letter.
“We have clients who cannot leave Russia overnight,” he added.
According to the agency, this position of the bank’s management has provoked sharp criticism from some investors and politicians who accuse Deutsche Bank of close ties with Russia.
Bill Browder, an investor who has spent many years campaigning to expose corruption in Russia, said Deutsche Bank’s position “is completely contrary to the international business community and will lead to negative reactions, loss of reputation and business in the West.”
“I would be surprised if they can maintain this position, as the situation in Ukraine continues to deteriorate,” Browder told Reuters.
Fabio De Massi, a former member of the Bundestag and a well-known fighter against financial crime, said Deutsche Bank had close ties to Russia’s elite, many of whom had faced sanctions, and that the relationship should end.
Asked to criticize his decision to stay, Deutsche Bank reiterated its commitment to sanctions and that it was “closely monitoring the situation”, adding that the bank could adapt its approach “as needed”.
Earlier, US investment banks Goldman Sachs and JPMorgan Chase announced that they were closing down their Russian business , becoming the first major US banks to leave Russia after Moscow’s invasion of Ukraine.
According to Bloomberg sources, earlier Germany blocked the disconnection of Russia’s Sberbank from the SWIFT system and the introduction of a ban on the entry of Russian ships into European ports.
In addition, the German chemical concern BASF, one of the world’s leading manufacturers of plant protection products (PPP), resumed supplies of its products to the aggressor country of Russia on March 9 , despite the announcement of February 24 to suspend supplies to the country.
(c)CENSOR NET 2022
Deutsche Bank is an evil, criminal outfit. Always has been.
No EU membership for Ukraine because of rampant corruption – Macron, Scholz.
“German Deutsche Bank refuses to close its business in Russia because it would be contrary to its “values”’.
That statement just about threw me off my chair. Deutsche Bank and values! I doubt that those morons believe their own rubbish.
Germany’s Deutsche Bank has announced the closure of its business in Russia after criticizing its management’s statement that the bank would not suspend business in Russia because it would run counter to its “values”.
The refusal to cease operations in Russia was a letter from the bank’s executive director Christian Sewing to employees of Deutsche Bank, according to Reuters.
“We are often asked why we do not leave Russia completely. The answer is that it is against our values,” Swing said in a letter.
“We have clients who cannot leave Russia overnight,” he added.
Later on Friday, Deutsche Bank issued a public statement stating that it was still closing its business in Russia.
“We have repeatedly emphasized that we strongly condemn the Russian invasion of Ukraine and support the German government and its allies in defending our democracy and freedom. Let us clarify: Deutsche Bank has significantly reduced its position in Russia since 2014. in the process of closing our business in Russia, in accordance with our legal and regulatory obligations, and helping our non-Russian multinational customers to reduce their operations, “the statement said.
“There will be no new business in Russia,” Deutsche Bank said.
The statement came after a previous stance by the bank’s leadership drew sharp criticism from some investors and politicians who accused Deutsche Bank of having close ties to Russia.
Bill Browder, an investor who has spent many years campaigning to expose corruption in Russia, said Deutsche Bank’s position “is completely contrary to the international business community and will lead to negative reactions, loss of reputation and business in the West.”
“I would be surprised if they can maintain this position, as the situation in Ukraine continues to deteriorate,” Browder told Reuters.
Fabio De Massi, a former member of the Bundestag and a well-known fighter against financial crime, said Deutsche Bank had close ties to Russia’s elite, many of whom had faced sanctions, and that the relationship should end.
Asked to criticize his decision to stay, Deutsche Bank reiterated its commitment to sanctions and that it was “closely monitoring the situation”, adding that the bank could adapt its approach “as needed”.
Earlier, US investment banks Goldman Sachs and JPMorgan Chase announced that they were closing down their Russian business , becoming the first major US banks to leave Russia after Moscow’s invasion of Ukraine.
According to Bloomberg sources, earlier Germany blocked the disconnection of Russia’s Sberbank from the SWIFT system and the introduction of a ban on the entry of Russian ships into European ports.
In addition, the German chemical concern BASF, one of the world’s leading manufacturers of plant protection products (PPP), resumed supplies of its products to the aggressor country of Russia on March 9 , despite the announcement of February 24 to suspend supplies to the country. Джерело: https://biz.censor.net/n3323901
DEUTSCHE BANK IS THE BANK OF THE RUSSIAN ELITE IN THE WEST!
Sometimes companies and countries are just forced into doing the right thing after they are forced to listen to their customers or citizens.
Veth, have you heard anything more about that German convoy going through Poland to Belarus?
BASF and Deutsche Bank are typical of German business. All they look for is an opportunity to profit and could not care less about the long term consequences. The Germans were caught supplying materials to Saddam Hussein’s nuke program, and they were not at all embarrassed by the discovery.
Germany sinks to new lows the further in time from the Monarchy.