Until last autumn, Nikolay Kosov headed the International Investment Bank, which is leaving Hungary. According to documents obtained by Direkt36, the Russian banker, who has since been hit by US sanctions, was planning to transfer his family’s assets to Dubai.
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Bracing for US sanctions, Russian financier in Budapest was busy securing personal offshore assets, leaked documents reveal
Before the Hungarian government exited the Russian bank, it was helped out by a government-close financial institution
According to internal documents obtained by Direkt36, OTP closed the accounts of the International Investment Bank after the outbreak of the war. Followingly, the Russian-dominated financial institution turned to the government-close MKB to open a new account.
Continue reading“We need to pressure” the Hungarians – Leaked documents reveal collapse of Russian-led bank in Budapest
Internal documents obtained by Direkt36 reveal that the Hungarian government has become one of the strongest backers of the Russian-dominated International Investment Bank, which was brought to the brink of collapse by the war against Ukraine.
Continue readingSpies, business deals and criminals. How Orbán favors Russian interests instead of Western ones
In the past 12 years, Prime Minister Viktor Orbán’s government has gotten into a situation many times, when they had to decide between the interests of Western allies, or Russia. Direkt36 has revealed many cases, where, in the end, the government favored Vladimir Putin and his circles. It occurred, for example, that they drove a Hungarian company out of business, just to be able to make space for a Russian firm.
Continue readingU.S. is still trying to push out the Russian-led bank from Hungary
American and British diplomacy are upset that the International Investment Bank has relocated its headquarters to Budapest. The bank’s employees were supposed to receive wide diplomatic immunities, but the Orban government seems to be backtracking on issuing them.
Continue readingViktor Orban promised something to Vladimir Putin, but the U.S. intervened
Hungary’s government promised diplomatic immunities to the Russian-led, now Budapest-based International Investment Bank, but U.S. diplomacy had concerns over the bank’s alleged ties to Russian intelligence.
Continue readingOrban promises the U.S. counterintelligence measures against a Russian-led bank
Viktor Orban has secretly promised many things to the U.S. government because they were worried about the Russian-led International Investment Bank’s (IIB) moving to Budapest. Meanwhile, the Hungarian government is trying to reassure U.S. congressmen that everything is OK with the IIB, although many find the bank suspicious.
Continue readingPutin-controlled financial giant has close ties to IIB, the Russian-led bank moving to Hungary
The International Investment Bank, which is about to move its headquarters to Hungary, has been in close contact with VTB, Russia’s second largest bank.
Continue readingRussian-led bank rapidly gearing up in Budapest amid EU and U.S. worries
Nothing can stop the relocation of International Investment Bank, a former Soviet bank that was revived by Russian president Vladimir Putin a few years ago, to Budapest. Meanwhile, Hungary appoints a new director who has been accused of working for the Communist secret service.
Continue readingViktor Orban’s government has become an enthusiastic partner in Russia’s financial expansion
Vladimir Putin resurrected the International Investment Bank a few years ago to increase Russia’s influence in Central and Eastern Europe. Hungary has become one of the most active investors of the financial institution.
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