Austrian Raiffeisen Bank's Russian branch halts new brokerage account openings

Raiffeisen Bank has stopped opening new brokerage accounts for retail investors from the Russian Federation.

Source: Russian online newspaper The Moscow Times, citing the bank's press service

Details: The Russian division of Austrian Raiffeisen Bank International announced on Monday (5 August) that it had temporarily suspended the opening of new brokerage accounts due to the European regulator's requirement to reduce the group's presence in Russia.

"Due to an order from the European Central Bank to the RBI Group, Raiffeisen Bank is required to scale back its operations in the Russian market," the press service said in a statement.

The existing accounts will be serviced as usual, the Austrian bank noted.

Background: Raiffeisen Bank is facing increasing pressure from both the US and the European Central Bank to reduce its ties with Russia.

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