In a bold move, Ukraine has upheld its decision to keep Raiffeisen Bank International on the “sponsors of war” blacklist, challenging the bank to sever its ties with Moscow. Ukrainian officials, in a letter seen by Reuters, questioned the vagueness and incompleteness of Raiffeisen’s plans to leave Russia. This intensifies pressure on one of Austria’s major banks and adds to the strained relations between Kyiv and Austria.
The letter highlighted concerns about Raiffeisen’s loan relief schemes for Russian soldiers, which the bank claims are legally mandatory. Despite a temporary suspension secured by Austrian politicians in December, the blacklist continues to symbolically impact Raiffeisen.
A Raiffeisen spokesperson cited regulatory approval dependency for the inability to provide a specific timeframe for leaving Russia. The Austrian government, while publicly supporting Ukraine, believes Raiffeisen has been unfairly targeted. Other banks, such as Italy’s UniCredit, remain active in Russia without being on the list.
The letter, sent after Raiffeisen signaled its intention to exit Russia by Q3 2024, expressed uncertainty about the sale timeline and sought insight into regulatory approval durations. While Raiffeisen remains “suspended” from the blacklist, Ukraine hinted at the possibility of removal with “positive news.”
In a separate development, Raiffeisen announced advanced talks to sell its Belarusian subsidiary to a buyer from the United Arab Emirates.
