Raiffeisenbank seeks compensation before Russian market exit
Austrian banking group RBI insists on compensation for its Russian business exit while facing mounting pressure from European regulators.
Raiffeisen Bank International (RBI) seeks compensation for its Russian operations before considering a complete exit, Frank Media reports.
The bank’s CEO, Johann Strobl, announced this position during a third-quarter results conference call.
“We can explore options for partial or complete business exit, but until then, accelerated business reduction remains our main scenario,” Strobl told journalists.
While RBI continues implementing measures to reduce its Russian business footprint, the bank has not developed a specific exit strategy, according to Frank Media.
This stance comes despite being one of the largest Western banks still operating in Russia after announcing plans to wind down operations in the weeks following Russia’s invasion of Ukraine.
The European Central Bank demanded RBI develop an action plan to reduce its presence in the Russian market in spring 2023. In response, the bank has implemented significant customer restrictions, including closing dollar and euro transfers and stopping new term deposits.
Meduza reports that a new obstacle emerged in early September when the Kaliningrad Regional Arbitration Court ruled on a lawsuit by Rasperia Trading Limited against Austrian construction group Strabag SE.
The court prohibited RBI, which owns 100% of Russian Raiffeisenbank shares, from conducting any operations with these shares as an interim measure. The bank stated this would cause further delays in selling its Russian business.
Austria endorsed the 12th package of European Union sanctions on Russia only after Ukraine removed Raiffeisen Bank International (RBI) from its symbolic blacklist of “international sponsors of war,” aimed at pressuring companies doing business in Russia.
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