Industrial and Commercial Bank of China, which broke world records for its $21.9bn (€16.5bn) flotation last September, has become the latest Asian institution to apply for a banking licence in Russia, a month after Japanese lender Nomura reopened its Moscow office after nine years' absence.

One banker based in China said ISBC, which has also applied for a licence in the US, would almost certainly get the go-ahead from the relevant authorities.