Raiffeisen Bank closed all correspondent accounts of Russian banks
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The Austrian Raiffeisen Bank International (RBI) has closed the correspondent accounts of all Russian banks, with the exception of its own Russian “daughter”, the local Raiffeisenbank. This follows from RBI’s financial materials for the first quarter of 2023.
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It is noted that the banking group is committed to further reducing its business activity in the Russian Federation and is considering exit scenarios.
In February, it became known that the RBI is beginning to close the correspondent accounts of Russian banks. By that time, its network in Russia consisted of five partner banks.
A correspondent account is a bank account opened by one bank in another for the purpose of interbank operations — transferring funds, crediting payments, buying and selling currency, etc.
The shutdowns accelerated after claims against the Austrian banking group appeared with the US authorities. Since last year, Russian banks have been experiencing problems with correspondent relations in so-called “toxic” currencies, including euros and dollars.
In mid-2022, the American Citi and JPMorgan began sending letters to Russian banks that they were beginning to close their correspondent accounts.
According to the Financial Times, as a result, the Russian Raiffeisenbank, for which the group did not close a correspondent account, accounted for 40-50% of all payments between the Russian Federation and the rest of the world a year after the beginning of Russia’s full-scale invasion of Ukraine.
Let’s remind
The Ministry of Finance wrote that Raiffeisen Bank made a statement about its activities in Russia.
After that, the National Bank of Ukraine commented on Raiffeisen Bank’s statement regarding its activities in the Russian Federation.
Earlier, the National Agency for the Prevention of Corruption (NAPK) included the Austrian banking group Raiffeisen Bank International in the list of international sponsors of the war.
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Source: Ministry of Finance
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