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Fears grow on deals fallout after Russia fee haul hit just $417m in 2021

International investment banks had already pulled back from Russia after its annexation of Crimea in 2014

The $417m in fees banks made from deals with Russian companies last year is a small fraction of the $130bn banks made globally
The $417m in fees banks made from deals with Russian companies last year is a small fraction of the $130bn banks made globally Photo: Alamy

Russia's invasion of Ukraine has paralysed bond markets, is likely to put initial public offerings already struggling against market turmoil on ice and is almost certain to scupper large M&A deals as concerns over the knock-on effects echo around boardrooms.

But if international banks are frozen out of deals with Russian companies as Western leaders prepare a wave of harsher sanctions, the hit to revenues for dealmakers are unlikely to be severe.

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