Austrian financial conglomerate Raiffeisen Bank International (RBI) is postponing its exit from the Russian market in the hope that Russia’s war with Ukraine will end soon. This is reported by Reuters citing sources.
According to the agency, the bank’s decision is supported by the Austrian authorities. Now they are more actively defending the financial group in the United States and Europe. Reuters interlocutors also note that Austria supports Ukraine, but Vienna does not want a complete break with Moscow.
It became known in March that RBI wants to withdraw its Russian business from the group by the fall of 2023. Sources say the Austrian group has not yet outlined its plan to the European Central Bank. This makes the departure of Raiffeisen Bank from Russia unlikely in the coming months.
In addition, RBI would also need the approval of Russia’s Central Bank and Finance Ministry and, in the case of a sale, Russia’s president. According to Reuters, Russian authorities have made it clear to the bank to stay in the market because it still allows international payments through the SWIFT system.