EU and US banks operating in Russia paid nearly $1 billion in taxes to the Russian government in 2023, with Austria’s Raiffeisen the top contributor. How many thousands of Ukrainians were killed or maimed with this revenue? There is a deep unseriousness with European politicians…

The largest western banks in Russia paid the Kremlin more than €800mn in taxes last year, a fourfold increase on prewar levels, despite promises to minimise their exposure after the invasion of Ukraine, ⁦Euan Healy⁩ and ⁦Anastasia Stognei⁩ report on.ft.com/3UBv6k3

A Russian court ordered to seize $439.5mn of JPMorgan's funds after a lawsuit from VTB who seeks to “recover losses” as JPM had frozen VTB’s funds in a correspondent account

Possible outcome: VTB = $0, JPM = minus $439.5

ft.com/content/c2fc78…

Half of Sberbank's – Russia's top lender – record dividends will flow to the state coffers: Rbs350bn or around 1% of the total budget revenues expected in 2024

Another Rbs130bn will go to the foreign shareholders who cannot withdraw it from Russia

ft.com/content/8eaf26…

“If the law is adopted, it will mean a total Belarusization of Georgia: the destruction of the NGO sector, an exodus of young people and skilled workers,” said Vano Chkhikvadze, EU integration program manager Civil Society Foundation

My today's dispatch from Tbilisi

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Viktor Medvedchuk is at it again.

European officials have accused the Ukrainian “Prince of Darkness” & Putin pal of bribing EU lawmakers as part of a Russian influence operation ahead of bloc elections in June.
w/ alicemhancock Henry Foy Anastasia Stognei
on.ft.com/3xd75Xs

Ukrainian drones effect: Russian weekly gasoline production is down sharply, 14.3% below last year.

Chart shows 1,000 tons per week, source: MMI (Telegram).
Data source: Rosstat. rosstat.gov.ru/storage/mediab…

When you forgot how to walk but still gonna vote

Russia will produce fewer oil products due to 'refinery repairs', Pavel Sorokin, the deputy energy minister, admitted today

This is a direct consequence of the second wave of drone attacks on Russia's oil refinery infrastructure, most of which is located in its European part

Ukraine has stepped up drone strikes on oil refineries deep inside Russia, in what officials depict as an intensifying effort to hit the country’s economy.

⁦Christopher Miller⁩ and ⁦Anastasia Stognei⁩ have the latest: ft.com/content/4bd2b7…

Photos from future Russian school books for history

The Parent A and Parent B you won't hear Putin talk about.

🖤
will not forget, will not forgive

A Russian woman who requested a prayer for Alexei Navalny at her church has been called to a police station for interrogation after the church informed on her t.me/ovdinfo/20612

Putin’s regime is stronger than ever, and the public support he enjoys is so unconditional that the corpse of a critic he murdered poses an existential threat to it

Makes perfect sense

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Here is the structure of Russian exports in Q4 of 2022 and 2023 (official Russian data). Russian exports were much lower in 2023 than in 2022. Most of this is due to energy (-33%), but chemicals (-35%) and metals (-15%) are also down. Agricultural exports grew slightly (+4%).

Please join us tomorrow to talk about Russia's full-scale war on Ukraine, now entering its third year, Moscow's militarization of the Russian economy, and Trump's candidacy for a second term in which he could end US support for Kyiv