Raiffeisen Bank International Expects ECB Call to Accelerate Withdrawals from Russia

OrganizationsOther ♦ Published: April 18, 2024; 18:25 ♦ (Vindobona)

Raiffeisen Bank International (RBI) is facing increasing pressure from the European Central Bank (ECB) to reduce its business activities in Russia more rapidly. This follows a number of developments and the publication of an ad hoc announcement by the bank in which it is expected that the ECB will make an official request to accelerate the wind-down measures in the near future.

Raiffeisen Bank International can prepare itself for an increased need for talks regarding its Russian business with the European Central Bank. / Picture: © Wikimedia Commons; salech hcelas, CC BY 3.0 (https://creativecommons.org/licenses/by/3.0/deed.en)

Raiffeisen Bank International has been taking steps to minimize its presence in Russia since February 2022, but the ECB's new requirements go far beyond the bank's previous plans. Specifically, the ECB is demanding that RBI's lending volume in Russia be reduced by up to 65 percent by 2026 compared to the level at the end of the third quarter of 2023. This represents a considerable…