Foreign foreign banks russia that once treated Russia as an undiscovered country where easy money could be made are now finding it a cut-throat market tougher than some bargained for. 550 million acquisition of Impexbank in 2006. Italy’s Unicredit has been in Russia for more than 20 years and its local subsidiary has around 110 branches. Citi entered in 1992 and expanded organically.

300 million in profit from Russia last year. 2006 building up an 82 percent stake in Rosbank. 745 million, for Expobank in 2008. It sold in October 2011 for a loss of about 90 percent. Its Russian business now focuses on investment banking services.

200 million of new capital to fuel expansion in Russia, where it has had a presence since 1918. It retreated from retail banking in 2011 but remains in Russia with financial advisory and commercial banking operations. Spain’s Santander sold its Russian operations in 2010 to Russia’s Orient Express, according to reports. Swedish bank Swedbank said in April it would discontinue operations in Russia, as business volumes of its Baltic and Nordic corporate clients in Russia and Ukraine were marginal. The cumulative result for its Russian operations for the total period was positive, it said. Belgian banking and insurance group KBC in December agreed to sell its Russian banking unit Absolut Bank to a group of Russian companies. Wall Street and Europe’s large investment banks have a presence in Moscow, including: Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch, JPMorgan, Deutsche Bank and UBS.