The Central Bank has calculated the Russian exposure of the Irish financial system. While the headline number is huge, it largely represents funds transiting through Dublin from overseas investors – including Russians themselves.
The Currency has tracked €13 billion domiciled in the IFSC by sanctioned Russian firms and their subsidiaries. This money is now frozen but the Irish government is about to feel the heat over its light-touch financial regulation and willingness to look away.
Mikhail Fridman and Petr Aven, two “oligarchs” just added to the EU’s Russian sanctions list, are co-founders and shareholders of the LetterOne international investment vehicle that has Denis O’Brien on its technology advisory board.
A bank newly added to the US sanctions list raised the latest of $1.2bn in bonds in Dublin just three months ago. Meanwhile, restrictions on aircraft leasing are rattling the Irish-centred global industry.
Retaliation against Moscow’s aggression in Ukraine eight years ago curbed widespread use of the IFSC by Russian firms, but many have continued to channel billions of euro in assets through Dublin. How will Tuesday’s sanctions affect them?
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