Support The Moscow Times!

Austria's Raiffeisen Bank Eyes Sale of Russian Operations

An office of Raiffeisenbank in Moscow. Vladimir Gerdo / TASS

Austrian banking group Raiffeisen, one of the last major Western lenders in Russia, said Thursday it was considering a "sale or spin-off" of its subsidiary in the country.

The RBI Group, which owns the bank, has been under scrutiny over its links to Russia since Moscow invaded Ukraine in February last year.

Ukrainian President Volodymyr Zelensky has singled out Raiffeisen Bank for criticism while the U.S. Treasury Department's Office of Foreign Assets Control requested information about its business in Russia in January.

The RBI Group said Thursday that it was looking into "potential transactions which would result in the sale or spin-off of Raiffeisen Bank Russia and deconsolidation of Raiffeisen Bank Russia from the RBI Group."

It added that it was "committing to further reducing business activity in Russia."

The bank warned the decision would lead to "a decline in income generated by Raiffeisen Bank Russia" and impact RBI's customers.

"The RBI Group and its stakeholders are in an unprecedented situation, and we recognize the urgency for action which the war has created," the bank said.

Raiffeisen Bank will maintain some banking operations in Russia, where it employs more than 9,000 people, "to meet the conditions of its banking license and support customers."

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more