HSBC analysts have stopped mentioning the war in reports about Ukraine describing it as a conflict instead, according to reports today.
The bank is one of the few that has not announced plans to withdraw from Russia in spite of the economic sanctions imposed by the West.
HSBC has also toned down the wording of reports that mention the situation in Ukraine according to sources that spoke to the Financial Times,
The bank's office in Russia has around 200 staff servicing companies based outside the country and unlike most of its peers it has not announced plans to shut down, though it has said it will restrict lending to certain individuals and will not accept new business.
MPs from all parties have slammed the bank for its decision to stay in Russia.
Kevin Hollinrake, the Conservative MP for Thirsk and Malton, said the bank’s attitude “cannot be justified” and added there were “clear commercial and moral reasons” to shut down the operation.
Russian President Vladimir Putin, who describes the Ukraine invasion as 'a special operation', has outlawed any non-official source of information about the fighting.
Shares in HSBC rose 0.9% to 585p.