Russia: Austrian Banks Demonstrate Serenity

Businessn.a. ♦ Published: April 26, 2014; 20:23 ♦ (Vindobona)

Austrian banks try to take the downgrade of Russian sovereign bonds with composure. According to spokespersons, the downgrade has no danger potential.

Austrian Banks Fear Escalation of Conflict in Eastern Europe / Picture: ©

For the two biggest CESEE lender Bank Austria and RBI (Raiffeisen Bank International), the unrests in Ukraine and the potential sanctions against Russia are a massive threat. Both banks are heavily involved in the two markets.

The U.S. rating agency S&P has cut Russia´s sovereign bond rating by one notch to BBB-. The outlook is negative. According to S&P, the Russian…