Raiffeisen is under more pressure because of its work in the Russian Federation than Citibank and UniCredit – Kommersant

Russian Ambassador to Austria Dmitry Lyubinsky said that the Austrian banking group Raiffeisen Bank International (RBI) is under pressure because of its work in Russia. He added that 60% of RBI’s total profits came from its Russian subsidiary.

“I would like to draw your attention to the fact that the unprecedented campaign launched to defame the RBI for its continued presence in Russia is taking place against the background of the fact that other Western financial institutions, in particular the American Citibank or the Italian UniCredit, safely continue to operate in Russia without such massive external pressure,”— Mr. Lyubinsky told the agency TASS.

He added that the stability of the country’s banking system depends on the stability of Raiffeisen’s positions. In 2022, as the ambassador clarified, of the total RBI profit of €3.6 billion, about 60% came from Russia.

In March, the European Central Bank asked the RBI to close its business in Russia. Following this, the bank announced plans to sell the local unit. RBI Governor Johann Strobl in October statedthat the process of leaving the Russian market will not be completed until the end of 2023. He named the withdrawal of the Russian subsidiary from the international group as a backup option.

Read more in the Kommersant FM article. “RBI is moving away from its Russian subsidiary”.

Petr Buzlaev