Raiffeisen Bank International AG (RAW.F)
- Reuters
Freeze of Raiffeisen's Russian arm locks in Austrian lender
A Russian court's freezing of Raiffeisen Bank International's shares in a local arm has blocked the biggest Western bank in Russia from leaving, pushing the Austrian-based lender's stock down as much as 7% on Friday. The move could further frustrate Western attempts to get RBI to sever ties with Moscow and isolate Russia amid faltering international resolve to challenge it over its invasion of Ukraine. RBI had vowed to spin off its Russian business, which provides a payment lifeline to hundreds of companies there, after coming under pressure from international regulators.
- Reuters
Austrian Raiffeisen's entanglement with Russia
A Russian court has frozen Raiffeisen Bank International's local arm, killing off any prospect of selling the business for now and deepening the standoff between Moscow and the West. Austrian bank RBI, active in Russia since the end of the Soviet Union, has increasingly frustrated U.S. and European officials after failing to scale back its business there, despite repeated warnings it should pull back following the 2022 invasion of Ukraine. Below is a timeline of the row over Raiffeisen's presence in Russia.
- Reuters
Russian court freezes Raiffeisen shares in local bank, blocking sale
FRANKFURT/VIENNA (Reuters) -A Russian court froze the shares in Raiffeisen Bank International's local arm, the biggest Western bank in Russia said on Thursday, blocking the sale of the unit and escalating a standoff between Moscow and the West. A spokesperson for Raiffeisen said that the Russian court move ruled out a sale of the bank, although they said it would have no impact on the Russian bank's operations or on the efforts demanded by the European Central Bank to reduce it. RBI will attempt to reverse the court decision, it said in the statement, which is the biggest such freeze involving a Western bank in Russia.
