Raiffeisen Bank International is considering staying in Russia as it doesn’t want to risk Austro-Russian relations.
Raiffeisen Bank International has decided to delay its exit from Russia as Austrian authorities stepped up to maintain long-standing ties with Moscow. Reported by Reuters.
It was noted that Austria and Raiffeisen (RBI) expected the war in Ukraine to end as soon as possible. Therefore, the financial institution is in no hurry to sever ties with Russia.
The RBI has yet to submit its plan to the European Central Bank (ECB) supervisors. Journalists believe the bank will wait for the ECB’s approval before appealing to its shareholders about its next steps.
Also, approval from Russia’s central bank, finance ministry and even Russian President Vladimir Putin in the case of a sale will be needed before the RBI can take any action.
The publication says Russian authorities signaled to RBI, which has about 2,600 corporate clients, 4 million local account holders, and 10,000 employees, that they want the bank to continue operating in Russia as it allows cross-border payments.
Raiffeisen Bank International on the list of international war sponsors
At the end of March this year, information emerged that the National Anti-Corruption Agency recognized Raiffeisen Bank International as the international sponsor of the war in Ukraine. Reason: After February 24, 2022, the Austrian banking group did not cease its financial activities in the Russian Federation.
In addition, the national agency believes that the bank has benefited 100% from the sanctions that caused its competitors to exit the Russian market. Thus, in 2022, the bank paid 4.8 times more to the Russian budget than in the entire pre-war year. Raiffeisen Bank’s Russian division paid €559 million to the Russian budget.
A few days after that, a statement appeared on the RBI website, the text of which said that the bank was leaving the Russian Federation and selling Russian assets. According to a press release from the bank group, this decision was taken in accordance with local and international laws. It was promised that the search for buyers for the assets will begin soon.
Previously Focus He wrote that the French company Leroy Merlin, one of the largest DIY retailers in Europe, has decided to sell its stores operating on the territory of the Russian Federation.
Source: Focus
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