Austria received a summons due to Raiffeisen’s activities in Russia

The paper notes that the Vienna-based banking group, as the largest Western bank still operating in Russia, is under increasing pressure to reduce its operations in the country.

In a letter addressed to Austrian Chancellor Karl Nehammer, Finance Minister Magnus Brunner and Foreign Minister Alexander Schallenberg, the European Parliament referred to the contradictory news that Raiffeisen plans to continue and expand its operations in Russia.

We deeply regret that the statements and actions of Raiffeisen Bank International are completely contradictory

– says the letter. Raiffeisen said on April 18 that it expects European regulators to speed up the bank’s exit from Russia, and indicated that it would comply with those requests, including significantly reducing its loan portfolio in that country by 2026. on the market.

According to the European Parliament, these statements are not enough, and Raiffeisen has no excuse to maintain and increase its workforce of nearly 10,000 in Russia.

“Let’s be clear – Raiffeisen Bank International’s activities in Russia contribute to Russia’s economy and budget and provide financial resources for continued military aggression against Ukraine,” the letter states.

The banking group’s share price is currently up 1.4% on the Vienna Stock Exchange.

Cover image source: Shutterstock