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Ukraine's anti-corruption agency designates Hungarian bank as 'international sponsor of war'

by The Kyiv Independent news desk May 4, 2023 4:43 PM 1 min read

This audio is created with AI assistance

Ukraine's National Corruption Prevention Agency designated Hungary's OTP Bank an "international sponsor of war" on May 4.

The decision was made due to the bank's decision to continue operating in Russia and adherence to a credit law directly referring to the proxy regimes in Russian-occupied Donetsk and Luhansk oblasts.

OTP Bank is Hungary's largest commercial bank and one of the largest in Central and Eastern Europe. The bank's Ukrainian division has approximately $507 million in assets.

OTP Bank is one of the 50 largest banks in Russia, serving more than 2.2 million customers.

The bank provides "preferential lending conditions to (members of) the Russian military," including the opportunity to defer payments on loans, the National Corruption Prevention Agency wrote.

According to the press release, OTP Bank is the 24th institution that the National Corruption Prevention Agency has designated an "international sponsor of war."

Author: The Kyiv Independent news desk

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