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Two years after Russia’s full-scale invasion of Ukraine, major European banks continue to manage increasingly profitable operations in the country despite public promises to close them, according to Bloomberg. The combined headcount of the five European Union banks with the largest operations in Russia has fallen by only 3% since the invasion, while profits have tripled due to the high interest rates they earn on their funds stuck in the country. The slow pace has prompted the European Central Bank to pressure banks to accelerate their exit. According to an anonymous source familiar with the s…

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