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Russia, USA: Vortex about Raiffeisen

Russia, USA: Vortex about Raiffeisen

Image: APA/ROLAND SCHLAGER

Because of its business in Russia, Raiffeisen Bank International (RBI) is in the focus of investors and is now a topic in politics. As reported, the bank is apparently considering taking over the remains of Sberbank Europe in Vienna, which was largely completed after the start of the Ukraine war and the sanctions. It is a subsidiary of the Russian Sberbank, there should still be cash reserves and credit claims of around 300 million euros. At RBI, it has also been unclear for months how things will continue with their profitable Russian subsidiary.

The Greens have made a request to Finance Minister Magnus Brunner (VP), which must be answered within eight weeks. “I think it is not in the interests of Raiffeisen Bank, its cooperative owners and also not in the interests of Austria as a financial and economic center if RBI even expands business with Russia,” said Green MP Nina Tomaselli in Ö1.

Exchange with Russians?

An insider from financial circles tells OÖN that RBI does not want to expand the Russian business, but has considered an exchange with Russia. Because the RBI does not get any profits out of Russia, it probably wants to at least get assets through Sberbank. Because of the excitement, that’s unlikely now. According to “Falter”, the project runs under the name “Red Bird” in the RBI.

The insider sees the pressure that the US sanctions authority is putting on RBI as problematic, for example with a recent request. Violations of sanctions in a roundabout way could have consequences for RBI’s dollar-related transactions.

The Treasury Department states: “The request from the US sanctions authority is a normal process that does not give cause for concern because sanctions authorities keep finding out about transactions by Austrian companies in Russia. The liquidation of the assets of the former Sberbank Europe is a normal process, who saved savers and deposit insurance from several hundred million euros in damage.”

According to the Ministry of the Interior, the State Security and Intelligence Directorate is currently examining a Sberbank sale application.

Source: Nachrichten

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