RBI limited Russian banks in foreign currency payments

A representative of the Austrian Raiffeisen Bank International confirmed Frank Mediathat the bank reduced its correspondent network in Russia to five banks. The rest of the banks received notifications about the restriction of transfers in dollars and euros. Sources of the publication indicate that similar decisions were made by Deutsche bank. However, his representative declined to comment.

“The rest of the Russian banks to which we provide correspondent services have received individual instructions regarding the maximum number of payments in US dollars and euros that RBI is ready to process. These limits are in line with the number of payments these banks processed through RBI prior to the outbreak of hostilities,” a bank spokesman told Frank Media.

Raiffeisen Bank International has been reducing its correspondent network in Russia since the spring of 2022. In response to the demand of the National Bank of Ukraine to leave the Russian market, the Raiffeisen Bank International group reportedthat her “daughter” operates in Russia and that she is obliged to obey local laws. The bank said that leaving the Russian market is difficult due to the actions of the Russian authorities. In 2022, the Russian subsidiary provided provided 54.2% of the profit of the Austrian group, despite the loss of 1.2 million customers in Russia.

More details – in the material “Raiffeisenbank collected accounts”.

Anastasia Larina