Russia Plans to Thwart Sale of Foreign Bank Units Amid Sanctions

Russia’s government plans to reject requests from foreign banks to sell their units in the country while sanctioned Russian banks are unable to sell their business abroad.

If a foreign bank seeks to sell branches in Russia, the authorities will block the move, the Interfax news service cited Deputy Finance Minister Aleksey Moiseev as saying on Friday. A government subcommittee on foreign investments will deny such requests “until the situation has improved,” he said.