BUDAPEST (Reuters – The OTP Bank in Hungary, Central Europe’s biggest independent lender is being pressured by the Ukrainian government to sell the Russian part of its Russian operation, Chief Executive Sandor Csanyi announced on Wednesday.

Csanyi had earlier stated that OTP would sell the Russian unit if it found a buyer. Adding market presence to Russia may become a moral problem. OTP made 15.8% last year from Ukrainian and Russian units.

OTP said that Russia is closing its corporate loans to Russia, in accordance with international sanctions. It was also examining the possibility of withdrawing from Russia.

Csanyi said in an interview to InfoRadio that Russia is under immense pressure and that they must sell their bank or close our operations like other Western European corporations.

It was not possible to reach the Ukrainian government immediately for comment.

Csanyi claimed that OTP did not face such pressure from Hungary. Hungary, which has been pursuing closer business relations in the past years under Prime Minister Viktor Orban who opposes European oil sanctions and rejects arms shipments, is averse to OTP’s attempts at imposing these restrictions on it.

Csanyi stated, “In this regard we are primarily cautioned on a regularly basis by the Ukrainian government, by leaders at various ranks,” without going into detail.

Csanyi stated that it is difficult to sell Russia’s OTP unit. He added, however, the bank would consider an exit for a bidder who offered a good price. The unit was valued at approximately 500 million euros.

If I refer to desirable, it means a less severe loss. Csanyi added that “the prospects for the Russian economic system are not very bright” and that they would prefer to give no tips.

Also, he said that a Ukrainian law was in process of being drafted. This would put a higher tax burden on Russia-based companies. OTP would be required to take this into account.

He said, “We don’t make decisions because we feel pressure.” We will be patient and wait until the right moment. If necessary, we can remain there for many years but are equally ready to sell the Russian unit in one week.