Four corporate entities operating under European shareholder interests have been removed from Russian sanctions discussions, Radio Free Europe/Radio Liberty reported.
The removals involve financial institutions and industrial ventures with ties to Bulgaria, France, and Hungary. Diplomatic requests from these three European nations drove the policy reversals, two Brussels sources told Radio Free Europe/Radio Liberty.
Bulgaria Secures Removal of Banks from Restrictive Measures List
First Investment Bank and Investment Cooperative Bank were dropped from the restrictive measures list following requests from Bulgaria, according to two Radio Free Europe/Radio Liberty sources in Brussels.
Bulgarian company Starcom Holding acquired a 67.11% stake in First Investment Bank in 2018. That share grew to 97.76% by 2021 through capital increases before a Russian court process reduced it to 93.19%.
Starcom Holding retained 93.2% of the shares in a late 2025 report, but the company cannot manage the investment. The firm faces restrictions “due to the geopolitical situation and restrictive measures introduced by the European Union and Russia in connection with the military conflict between Russia and Ukraine,” the report said.
Another Kazan-based lender, Investment Cooperative Bank, also connects to Bulgarian business. Bulgaria’s Central Cooperative Bank, part of the Chimimport group, bought 9.9% of TatInvestBank in 2011 and raised its share to 56.2% by 2014.
The Russian bank changed its name to IK Bank, and the Chimimport group controlled 86.27% of its shares by 2021.
French Insurance Holdings in RESO Kredit
French insurance group AXA purchased 36.7% of Russian insurer RESO-Garantija in 2008, which later became the direct 100% owner of RESO Kredit bank. France requested the exclusion of RESO Kredit from sanctions, Radio Free Europe/Radio Liberty reported.
AXA announced the cessation of new insurance and reinsurance contracts in Russia and withdrew its representatives from the RESO-Garantija board following the renewed Russian invasion of Ukraine, yet kept its investments.
The French group’s share in the Russian insurer stood at 38.61% in reports from the first half of 2026.
Hungarian Stake in Tatneft Subsidiary
Hungarian concern MOL and TANEKO, a subsidiary of Tatneft, established a joint venture named RMB-RUSS in 2021 to produce road bitumen in Tatarstan. MOL obtained 51% of the share capital.
Hungary requested the exclusion of TANEKO, Radio Free Europe/Radio Liberty reported. MOL maintained its stake in the joint project after the war in Ukraine began, but the project was frozen, according to Russian registry data.
The Hungarian company announced in December 2022 that it did not plan to continue funding construction.
Diplomatic Silence on Lobbying Efforts
Delegations from Bulgaria, France, and Hungary did not respond to inquiries from Radio Free Europe/Radio Liberty journalists regarding the lobbying efforts.
“Bulgaria’s Ministry of Foreign Affairs declined to comment,” the report noted regarding the diplomatic requests.
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