Austria: Fitch Warns Banks of Risk with Business in Russia

Politics ♦ Published: April 1, 2014; 17:59 ♦ (Vindobona)

The menacing sanctions against Russia with regard to the political crisis in Crimea could become a severe danger for Austrian banks.

Compared to other foreign banks Austrian financial institutes are mostly involved with their equity. / Picture: ©

According to rating agency Fitch, Austrian banks are the ones involved in business with Russia the most on the basis of their equity. The risks of other banks, for instance from the US or Asia, are low by comparison.

Moreover, of all Austrian banks particularly Raiffeisen Bank International (RBI) is dependent on the Russian market, Fitch reported on Tuesday. The Eastern European…