MEP Paet: OTP bank's Russia operations are cynical and criminal

European Parliament member Urmas Paet has strongly condemned the continued operations of Hungary's OTP bank in Russia. Paet, who also serves as the deputy chair of the foreign affairs committee, described the bank's activities as "completely special, cynical, and criminal." He highlighted the ongoing war in Ukraine and Russia's persistent hybrid warfare against European nations as the context for his severe criticism.

Paet expressed his dismay at comments made by Kilvar Kessler, former head of Estonia's Financial Supervision Authority. Kessler had suggested that OTP's continued presence in Russia was not unusual, as other major European banks also operate there. Paet directly refuted this, stating that operating in Russia under the current circumstances, with years of war and significant loss of life, makes the bank's actions particularly egregious.

"It is strange and painful to read the words of the former head of the Estonian Financial Supervision Authority, Kilvar Kessler, that there is nothing special about the continued operation of the Hungarian bank OTP, which wants to buy Luminor, in Russia, because other European major banks also operate there," Paet stated. He reiterated his stance that the bank's presence in Russia is "completely special, cynical, and criminal."