Russia is reportedly trying to attract firms back after Putin’s invasion of Ukraine (Image: Getty)
are reportedly trying to “cash in” on customers. One of the country’s newspapers, Izvestia, writes the total cost of from the top 15 firms has reached almost 37% on average. This represents an increase of 1.3 percentage points since the start of February.
It is thought that banks are attempting to “lock in” returns on new loans in order to offset the cost of expensive deposits. There is thought to have been an increase in non payments which has forced market participants to put risks into the . Borrowed funds continue to rise in price even after maintaining the key level at 21% after a meeting of ’s Central Bank on February 14, reports.
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Russian banks are reportedly attempting to ‘lock in’ returns (Image: Getty)
The site adds the value of the real consumer loan rate increase step is 0.8 to 6.5 percentage points.
Meanwhile, two financial institutions have reportedly reduced the average cost per month – Alfa-Bank and Gazprombank.
According to the top 15 banks’ websites, the minimum cost of a loan on average is 29%. The maximum is 44%.
It is believed that banks are making these decisions because the Russian economy is “running high”.
As discussions regarding a peace deal for take place, is said to be attempting to lure back multinationals that abandoned the country in 2022, the Economist reports.
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Russia is reportedly trying to bring US firms back to the country (Image: Getty)
The Financial Times reports that officials have been telephoning firms to discuss reopening, with Russian media outlets claiming that Coca-Cola, Mastercard and Visa are considering coming back.
An ally of who ran the parent company of the Nord Stream 2 pipeline until 2023, Matthias Warnig, is believed to be speaking to US investors about its resumption.
But is set to become the latest sector to face a tsunami of bankruptcies , according to reports.
Also, Russian car sales slumped by a quarter in the year to February 2025, ending a 22-month recovery streak, according to Reuters.
A gap in the market left by Western manufacturers is now being filled by Chinese brands, which make up over half of ‘s car market, rising from under 10% before the war.