Russian media: Raiffeisen Bank will begin exiting Russia in summer 2024
Austria's Raiffeisen Bank International (RBI) is making plans to begin its exit from the country in the summer of 2024, Russian media reported on May 3, citing the company's chairman, Johann Strobl.
The Vienna-based bank group, the largest remaining Western bank in Russia, has been under increasing pressure since the start of Russia's all-out war to scale down its activities in the country.
The European Parliament sent Austrian officials a letter in April, urging them to compel Raiffeisen to cease its activities in Russia in compliance with EU sanctions.
The letter came just days after Raiffeisen said that it expected European regulators to request an acceleration of the bank's withdrawal from Russia, and that it would comply with those requests.
The bank also said the European Central Bank (ECB) will soon ask Raiffeisen to significantly decrease loans to customers in Russia by 2026. Raiffeisen said it would abide by this request and eventually sell its Russian subsidiary.
The decision to finally exit from Russia is related to the ECB requirements, Strobl reportedly said.
Strobl added that the most attractive option for Raiffeisen to fully end its operations in Russia would be to sell its subsidiary there to another foreign company. Other possible Russian buyers are already sanctioned, he said.
