Raiffeisen shares fall after a request from the US Treasury on the Russian division
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Shares of Raiffeisen Bank International (RBI) are falling amid news of interest in the activities of the Russian subsidiary of the bank from the Office of Foreign Assets Control (OFAC) of the US Treasury. By the time European markets closed on Friday, one share of RBI was trading at €16.45. By the time of publication, the cost of securities fluctuates around €15.1 (fall – around 7.5%).
OFAC, U.S. Department of the Treasury Sanctions Enforcement Officer, got interested Russian division of Raiffeisen Bank International in January. According to Reuters, the agency asked RBI for details of the payment business in Russia, as well as data on transactions of certain customers. The RBI itself is not under sanctions.
The Austrian Raiffeisen Bank International did not leave the Russian business. The Central Bank included its subsidiary, Raiffeisen Bank, among 13 systemically important credit institutions. At the same time, after the appeal of the National Bank of Ukraine in January, the parent structure admitted that it was considering all the strategic possibilities of the future “daughter”.
The hypothetical withdrawal of the structure from the market of cross-border transfers will negatively affect the work of Russian business, indicated interlocutors “b”. In 2022, the local division earned more than half of the holding’s total profit – about €2 billion out of €3.8 billion.
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