Raiffeisen in the Czech Republic to ban money transfers to Russia and Belarus from February
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A subsidiary of the international group Raiffeisen Bank International (RBI) in the Czech Republic from February 15 will stop outgoing payments and transfers to Russia and Belarus. Relevant notices were sent to the bank’s customers.
From press release The bank follows that the decision to stop transfers of funds was made in protest against the Russian military operation in Ukraine. The organization noted that such restrictions have long been applied to Iran, Afghanistan, Sudan and Syria.
“When transferring funds to Russia and Belarus, the bank cannot influence the further use of money by sanctioned persons or for purposes that affect restrictive measures. Thus, the regime of international sanctions may be violated, ”the RBI explained.
In May 2022, Raiffeisen Bank International terminated relations with a number of banks from Russia that had correspondent accounts opened with RBI. In Russia, the organization is represented by a subsidiary – JSC Raiffeisen Bank. March 17, 2022 in the Russian subsidiary reportedthat the organization will continue to work in the Russian Federation. Now it operates as an independent legal entity. The Ukrainian National Bank criticized Raiffeisen for continuing to work in Russia. International group in response statedwhich considers a “carefully planned exit” from the Russian structure, but the process may be complicated due to Russian legislation – in Russia the bank is listed as systemically important.
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