Ukraine: Hungarian OTP Bank is a ‘war sponsor’

The Ukrainian National Anti-Corruption Agency (NAZK) has placed the Hungarian OTP Bank Group on its list of “international war sponsors”. The reason is that the Hungarian bank is still cooperating with the aggressor, Russia.

The OTP Group also confirmed the classification. The stressed that the OTP Group operates in compliance with all international sanction measures and local legal requirements in all its markets, including Russia.

The NAZK justified its decision on the grounds that the Hungarian bank continues to operate in Russia, napi.hu reports. According to the agency, the bank is acting under the provisions of a lending law that is subject to the Russian authorities of Donetsk and Luhansk provinces.

According to the NAZK, OTP provides loans to members of the Russian army on “favourable terms”, including the possibility of deferring payment when repaying loans.

The Ukrainian national bank had earlier demanded that the OTP Group, which has a stake in Ukraine worth around USD 507 million, leave the Russian market.

“The OTP Group operates in compliance with all international sanctions and local laws in all its markets, including Russia,” MTI quoted the head of communications of OTP Bank as saying.