Investment banks earned the least since 2002 from Russian corporate deals last year as sanctions and low oil prices curbed transactions, according to the consultancy Freeman & Co. Domestic lenders garnered more than half of the commissions for the first time as international firms retreated.
Sanctions imposed against Russia after its annexation of Crimea in 2014 barred some of the nation’s biggest companies from international markets and made European and American banks wary of doing business in the country. Deutsche Bank said last year it plans to wind down corporate finance and securities businesses in Russia, while Royal Bank of Scotland sold its local unit.
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