Raiffeisen fails to sell stake in Russia as Moscow opposes the move, Reuters reports
Raiffeisen Bank International has failed in its latest attempt to sell its Russian arm to a local buyer, Reuters reported on Oct. 1, citing undisclosed sources.
Austria's Raiffeisen, the largest Western bank still operating in Russia, remains crucial for facilitating Russian gas sales to European countries.
The Austrian lender has not faced international sanctions, despite years of pressure from the West to sever its business dealings in Russia.
A Raiffeisen spokesperson told Reuters that the bank is seeking to reduce its business in Russia, adding that the sale requires approval from the Russian government.
Russian authorities fear that a Russian buyer taking over the stake would leave Raiffeisen vulnerable to U.S. sanctions, according to the news agency.
Raiffeisen has repeatedly attempted to sell its stake in Russia. In April, the Financial Times reported that the efforts were put on pause due to U.S. President Donald Trump's diplomatic outreach to Russia.
Since then, Trump has adopted an increasingly critical tone toward Moscow, which has repeatedly rejected ceasefire proposals while escalating attacks against Ukraine.
