After the start of Putin’s invasion of Ukraine, Western countries imposed several packages of sanctions against Moscow to diminish its fighting capacity. Now the European Parliament is pressuring a neutral state on the continent, Austria, to take measures so that its bank, Raiffeisen, which is present in Russia, but also in Romania, leaves Moscow.
On April 25, the European Parliament sent a letter to Austria’s leaders, urging them to compel Raiffeisen Bank International (RBI) to cease its activities in Russia in line with EU sanctions and stop these measures against the Putin regime, according to Yahoo News.
Vienna-based banking group Raiffeisen, the largest remaining Western bank in Russia, has come under increasing pressure since the start of the all-out war to scale back its activities in the country.
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The European Parliament’s letter, addressed to Austrian Chancellor Karl Nehammer, Finance Minister Magnus Brunner and Foreign Affairs Minister Alexander Schallenberg, cited reports that Raiffeisen planned to continue and expand its operations in Russia.
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“We deeply regret that the statements and actions of Raiffeisen Bank International are completely contradictory,” the letter said. “Instead of repeated statements about intentions to reduce and sell its activities in Russia, Raiffeisen Bank International is the Western lender with the largest operations in Russia.”
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Raiffeisen said on April 18 that it expects European regulators to request an acceleration of the bank’s withdrawal from Russia and that it will comply with those requests.
The bank said the European Central Bank (ECB) will soon require Raiffeisen to significantly reduce its lending to customers in Russia by 2026. Raiffeisen said it would comply with that request and eventually sell its Russian subsidiary.
The European Parliament said these statements were not enough and that Austria’s Raiffeisen Bank had no excuse for keeping and growing its staff of nearly 10,000 employees in Russia.
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“Let’s be clear – Raiffeisen Bank International’s activities in Russia contribute to Russia’s economy and budget and provide financial resources for the continuation of military aggression against Ukraine,” said the letter from the European Parliament in Brussels.
Ukraine has refused to remove Austria’s Raiffeisen Bank from the list of international war sponsors because of its continued operations in Russia.
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Tags: Europe pressures western bank present Russia Romania Stop defying sanctions leave Moscow
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