Ukraine removes Hungarian bank OTP from list of ‘war sponsors’

Ukraine’s National Agency on Corruption Prevention (NACP) has removed Hungarian bank OTP from its list of “war sponsors”, according to the agency’s press service.

“During the discussions that lasted for the last few days 24/7 with the participation of the EU External Action Service, OTP Bank made a number of commitments regarding its future plans for the Russian market,” the press release reads.

On September 29, NACP suspended the bank’s “war sponsor” status, but Hungarian authorities noted that it would not be enough to unblock 500 million euros ($524 million) in EU funds for Ukraine, and demanded that OTP be completely removed from the list.

NACP added OTP to its list of “war sponsors” in May 2023. The decision was motivated by OTP continuing to maintain its presence in Russia, leaving it as one of the leading banks in the Russian financial market. The bank also provides favorable credit terms to the Russian military.