Image: In some cases, Russia seized the assets of some businesses of western countries and allies. Credit: Олег from Pixabay .

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Russia has imposed a ban on dealings in the shares or share capital of 45 banks or banking units, all of which are either owned by entities in countries that Moscow deems as “unfriendly” or owned through overseas capital, reported Reuters.

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With western nations and allies imposing several financial restrictions on Russia since its military incursion on Ukraine in February, Moscow in a retaliatory mode created hinderances for businesses of these nations to withdraw from the country.

In certain cases, Russia seized the assets of some businesses of western countries and allies.

The list comes after an order was issued on 5 August by Russian President Vladimir Putin banning dealings in stakes of entities operating in the sphere of energy and financial sectors that are owned by parties in “unfriendly” countries, unless special approval is granted.

Published on 26 October, the list includes Russian units of Intesa, Credit Suisse, Raiffeisen, Citi, OTP bank and UniCredit Bank, reported the news agency.

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In September, Russian authorities prepared a list of foreign banks that need President Putin’s approval to sell their local assets. 

Shortly after the Russian government’s announcement in July to block banks from exiting Russia, HSBC reached an agreement with Expobank to shutter its operations there. 

Earlier this month, it was reported that Russian banking group Gazprombank is going to discontinue its operations in Switzerland after a strategic review.

American multinational bank Citi, which has an $8bn exposure in Russia, intends to close down almost all of the institutional banking services as it is not able to divest its business amid laws related to sanctions.