Banks cut down on charity spending

Russian banks began to sponsor fewer culture and sports projects. In April-June, they spent 43.7% less on such projects, according to Maxim Osadchy, head analyst at BKF bank in Moscow.

The reason Russian bank have cut sponsorship is the coronavirus lockdown, as many events were canceled for social distancing purposes.

Their total spending on charity amounted to RUR 6.09 bln ($82.7 mio) in April-June, far less than in the second quarter of last year, when banks allocated RUR 10.8 bln ($146.7) for these purposes, RBC reports.

Banks often provide money for social support and assistance to victims of natural disasters, experts say. The amount of these payments has also been reduced.

According to experts, Gazprombank and VTB have cut their charity spending the most. Sberbank, on the contrary, has increased its charity spending.

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