Raiffeisen Bank postpones departure from Russia in the hope of the end of the war

The Austrian financial conglomerate Raiffeisen Bank International (RBI) is delaying its exit from the Russian market in the hope that Russia’s war with Ukraine will soon end. This is reported by Reuters with reference to sources.

According to the agency, the bank’s decision is supported by the Austrian authorities. Now they are more actively protecting the financial group in the USA and Europe. Reuters interlocutors also note that Austria supports Ukraine, but Vienna does not want a complete break in relations with Moscow.

It became known in March that RBI wants to withdraw its Russian business from the group by the fall of 2023. Sources say that the Austrian group has not yet presented its plan to the European Central Bank. This makes the departure of Raiffeisen Bank from Russia unlikely in the coming months.

In addition, the RBI will also need the approval of the Russian Central Bank and the Ministry of Finance and, in the case of a sale, the President of Russia. According to Reuters, the Russian authorities gave the bank the understanding that it should remain on the market, as it still allows international payments to be made via the SWIFT system.

• RBI subsidiary Raiffeisenbank operates in Russia. It is included in the list of systemically important Russian banks.
• At the beginning of the year, the US Treasury Department began an investigation of the RBI in connection with its activities in Russia, as well as in the territories of Donbass, Ukraine, and Syria. The Austrian group then said that they were fully cooperating with the American agency.