Austria’s Raiffeisen Bank International continues to receive profits from Russian companies that supply products to the Russian army,Bloomberg reports , citing financial documents.
According to journalists, the bank’s Russian subsidiary last year received more than 62 million rubles (about 604,000 euros) from the chemical company Unichim, which supplied components for Rawenstvo. This company, which has been subject to Western sanctions, produces navigation radar systems for the Russian navy.
Rawenstvo is part of the state-owned Granit-Electron concern, which supplies Russia with electronic control systems for missiles. This concern, in turn, is linked to the state-owned Tactical Missile Weapons Corporation. All three companies are under US and EU sanctions.
Despite sanctions and international pressure, Raiffeisen cannot withdraw its profits from Russia due to legal restrictions. According to Bloomberg, the bank has accumulated €4.4 billion in excess capital, which is blocked in Russia. In addition, it remains under the regulation of the Central Bank of Russia, which makes it difficult to sever ties even with sanctioned clients.
The European Central Bank and US regulators are stepping up pressure on Raiffeisen to speed up its exit from the Russian market. At the same time, the bank continues to operate in Ukraine, remaining one of the country’s largest foreign financial institutions.
As a reminder, Raiffeisen Bank International has repeatedly announced its intention to separate its Russian business. However, despite three years of war, there has been no real progress in this regard.
