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Sevelda: “Russia Still Crucial Market”

People ♦ Published: May 23, 2014; 18:50 ♦ (Vindobona)

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In the light of the close ties with regard to economic and energy relations with Russia Karl Sevelda, CEO of Raiffeisen Bank International (RBI) warns about the tightening of penalties against Russia.

Sevelda, CEO of RBI, expects the situation in Ukraine not to escalate further. / Picture: © Raiffeisen Bank International AG / Press Photo

The country remains a major source of revenue for the Austrian lender even though RBI had to accept losses this year due to the ongoing political crisis in Ukraine. The decline of profits in the first quarter this year in Russia was as high as 30 percent. However, with pretax profits coming at € 139m business in Russia still makes the most important contribution to RBI’s…