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Financial companies rework contracts after US FTC bans non-competes, Big Tech's AI profitability questioned, western banks pay Kremlin taxes, Turkey in LNG talks with ExxonMobil. New regulations impact hiring practices and talent retention in financial sector.
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- Major Western banks remaining in Russia paid over 800 million euros in taxes last year, indirectly supporting Russian financial stability amidst sanctions.
- Tech giants like Microsoft see significant profit growth from AI investments, while Meta and Alphabet face uncertainty due to the complexity of generative AI technology.
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European Banks Supporting Russian Government Financially
Despite promises to limit their Russian exposure, major Western banks like Rifus, Bank International, Unicredit, and ING have stayed in Russia, paying over 800 million euros in taxes, which is four times more than pre-invasion figures. While leaving is challenging due to needing Putin's approval, these banks have indirectly aided in maintaining Russia's financial stability amidst sanctions.
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