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Russia Sanctions
Flow-Through Capital Despite Sanctions: Russian Investments in Austria Continue to Flow
While international tensions and the war in Ukraine, which has been going on for more than two years, are putting a heavy strain on relations between Russia and the West, Austria remains a remarkably robust magnet for Russian investment. Contrary to expectations that the extensive international sanctions against Russia would curb capital flows, the latest data from the Austrian Ministry of Economic Affairs' investment control report shows a different reality: Russian investments in Austria rose by 14% to EUR 25.5 billion in the first half of 2022.
April 22, 2024
Raiffeisen Bank International Expects ECB Call to Accelerate Withdrawals from Russia
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.
April 18, 2024
Austria Expels Two Russian Diplomats and Austrian Ambassador in Moscow is Summoned
After Austria recently declared two Russian diplomats undesirable persons, Russia is now summoning Austria's ambassador to the Foreign Ministry. This indicates a serious deterioration in diplomatic relations between the two countries. So far, a total of eleven Russian diplomats have been expelled from Austria since 2020
March 14, 2024
Raiffeisen Bank International Under Observation by U.S. Sanctions Authorities
Raiffeisen Bank International (RBI), a prominent financial institution based in Austria, is the focus of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) due to its ongoing business relationship with Russia. OFAC has contacted the bank to request details of its transactions and processes related to Russia.
March 11, 2024
Financial Market Authority Initiates Investigations Against Raiffeisen Bank International
The Austrian Financial Market Authority (FMA) has launched an investigation into Raiffeisen Bank International (RBI). The focus is on possible deficiencies in the implementation of money laundering prevention measures, as can be seen from the bank's annual report published today.
February 25, 2024
Decline in Frozen Russian Assets in Austria
The significant drop in the volume of frozen Russian assets in Austria, as observed over the past year, mirrors a broader trend seen in other countries, where the handling and status of these assets have been dynamic and subject to legal, political, and financial considerations.
February 21, 2024
Political Thriller Around the Abramovich Villa in Austria
The sale of a villa on Lake Fuschl to Russian oligarch Roman Abramovich's family in Salzburg has been revealed to have disappeared. The property was acquired through an offshore letterbox company and a British trustee. The Green Party is now calling for the sale to be reversed, requiring a trust deed. The party is seeking clarification on how the sale can be reversed without the deed.
January 9, 2024
Ukraine Removes Raiffeisen Bank International from the List of "War Sponsors"
The Ukrainian government has temporarily removed Raiffeisen Bank International (RBI) from the controversial list of "war sponsors". This step follows intensive bilateral talks and consultations with representatives of the European Commission. RBI, which was previously criticized for its business activities in Russia and the recognition of the self-proclaimed Donetsk and Luhansk People's Republics by its Russian subsidiary, is now no longer suspected of supporting the Russian war of aggression.
December 17, 2023
Uncovering of Money Laundering and Real Estate Fraud in Austria and Cyprus
New leaks have uncovered a complex network of opaque asset transfers centered around Russian oligarchs and Austrian real estate. According to the investigative project "Cyprus Confidential", Austrian real estate is particularly popular with wealthy Russians. Around 40 Cypriot companies own real estate in Vienna, often penthouses in expensive locations.
November 16, 2023
Ukraine Will Block Gas Transit: Challenges and Opportunities for OMV and Europe
Ukraine's decision to stop transiting Russian natural gas to the West from 2025 poses a significant challenge for OMV and for several European countries. The announcement, made by the head of Ukrainian energy company Naftogaz, Olexiy Chernyshov, raises several questions about energy security and dependence on Russian gas.
October 29, 2023
Strengthening Diplomatic Ties: Outcomes of Austrian-Armenian Meeting in Vienna
The meeting between the Austrian and Armenian Foreign Ministers addressed crucial regional and global issues, including migration, security, and humanitarian challenges. The signing of the Readmission Agreement Protocol and discussions on various topics laid a foundation for further cooperation and diplomatic efforts between the two nations.
July 25, 2023
OMV Secures Additional European Gas Transmission and Pipeline Capacities until 2028
The listed oil and gas group OMV has successfully secured additional European gas transport capacities and gas pipeline capacities. This measure serves to secure Austria's gas supply and enables OMV to meet its delivery obligations in the medium term.
July 12, 2023
Austria's Interior Minister Karner Refers to EU Entry Ban on Question of Asylum for Prigozhin
Austrian Interior Minister Gerhard Karner has stated that the head of the Russian mercenary group Wagner, Yevgeny Prigozhin, has no prospect of asylum in Austria. Initially, Karner spoke of a case-by-case examination to answer a related question but later specified via a spokesman that Prigozhin was on the EU sanctions list and therefore not allowed to enter the country.
June 26, 2023
Mansion in Austrian Kitzbühel Bought by Sanctioned Russian Oligarch
Russian oligarch and confidant of President Vladimir Putin, Arkady Rotenberg, is said to have financed a house in Kitzbühel, where Putin's daughter is also said to have spent time, according to media reports.
June 21, 2023
European Ministers of Serbia and Austria Emphasize the Importance of Relations
During her working visit to Belgrade, Austrian Minister for European Affairs Karoline Edtstadler met with Serbian Prime Minister Ana Brnabić and her ministerial colleague Tanja Miščević.
May 22, 2023
Gazprom Austria Inventory is Now Being Auctioned Off
The Gazprom subsidiary in Austria has become insolvent, and now its assets are being auctioned off at the Aurena auction house. The offer includes 240 exhibits and the purchase of Russian business memorabilia.
May 22, 2023
Austrian OMV Declares Exit from Russian Gas as "Extremely Difficult"
The CEO of the Austrian energy group OMV, Alfred Stern, currently sees hardly any possibility to get out of the Russian business with natural gas. He also sees no alternative to fossil fuels in the short term and talked about relations with Asia-Pacific.
March 28, 2023
Minister Schallenberg and his Serbian Counterpart Ivica Dacic Met in Vienna
Foreign Minister Alexander Schallenberg met with his Serbian counterpart in Vienna, where they discussed the relations between the countries and the normalization process between Serbia and Kosovo.
March 23, 2023
Austrian Justice Minister Zadic Wants to Strengthen the International Criminal Court
EU justice ministers have met again in Brussels to discuss the legal consequences of Russia's war of aggression in Ukraine. Austria's Justice Minister Alma Zadic wants to strengthen the International Court of Justice in the fight against war crimes in the Ukraine war.
March 12, 2023
City of Vienna: Europe's Nuclear Energy Sector is Heavily Dependent on Russia
The European Union's recently adopted tenth package of sanctions against Russia continues to leave one area completely untouched - nuclear energy. A new study by the Cities for Nuclear Free Europe network, where Vienna is also involved, aims to prove interconnections between the European and Russian nuclear sectors.
March 5, 2023
Ex-OMV Chief Doubts Policy Statements on Russian Gas Pullout
Russian gas supplies to Austria are currently causing discussions. While the Austrian government wants to do without gas supplies from Russia altogether by 2027, OMV refers to long-term contracts.
March 1, 2023
Neutrality Debate in Austria's Parliament at Ukraine Session
On the occasion of the anniversary of the Russian invasion of Ukraine, there was a lively debate in the Austrian parliament about the attitude towards the aggressor Russia and about neutrality. An open letter in Austria, in which signatories call for a responsible debate about the country's neutrality, also fueled the session in parliament.
February 24, 2023
Minister Edtstadler Wants to Maintain Unity in the European Union
Europe Minister Karoline Edtstadler said that the European Union must maintain unity despite the economy and the Russian aggression in Ukraine.
February 24, 2023
Raiffeisen Probed by U.S. Sanctions Authority
Raiffeisen Bank International, an Austrian lender that plays a critical role in the Russian economy, is under investigation by the US sanctions authority over its Russia-related business.
February 18, 2023
Ukraine Wants to Boycott OSCE-Meeting Because of Russian Delegation
The Organization for Security and Cooperation in Europe (OSCE) is not going through its best times. Especially Austria’s role in it. After many countries sent an open letter to Austria to disinvite the Russian delegation from the Parliamentary Assembly, countries are now boycotting the meeting.
February 16, 2023
Moscow Expels Four Austrian Diplomats from Russia
Russia has announced that it will expel four Austrian diplomats. In addition to the expulsion of the Austrian diplomats, the Austrian ambassador in Moscow, Werner Almhofer, was also cited to the Russian Ministry of Foreign Affairs. This comes as a kind of retaliation after Vienna itself expelled four Russian diplomats a few weeks ago.
February 16, 2023
Russian Ambassador Lyubinsky Criticized Austria
Russia's Ambassador to Vienna Dmitry Lyubinsky detects an erosion of Austria's neutrality status and sees a "huge minus sign" in front of Russian-Austrian relations. However, Lyubinsky also spoke of maintaining contacts with influential people in Austria.
February 13, 2023
U.S. Secretary of State Antony Blinken Received Austria's Foreign Minister Alexander Schallenberg
Secretary of State Antony Blinken hosted Austria's Foreign Minister Alexander Schallenberg in Washington, D.C., as a sign of the strong transatlantic partnership. In the first bilateral meeting between the two foreign ministers, the two discussed cooperation on the Russo-Ukrainian war, the Western Balkans, the expansion of Austria's Strategic Partnership with the United States, and the Turkish earthquake disaster.
February 12, 2023
Austria's Vice-Chancellor and Sports Minister Kogler Against Russia's and Belarus's Participation in the 2024 Olympics
Unlike the International Olympic Committee (IOC) and the Austrian Olympic Committee (ÖOC), Austria's Vice Chancellor and Sports Minister Werner Kogler is strictly against Russia's and Belarus's participation in the 2024 Summer Olympics in Paris. According to Kogler, "it is simply unacceptable for Ukrainian athletes to compete against Russian and Belarusian athletes in the fight for medals."
February 9, 2023
Austria Obligated to Grant Visas Says OSCE
The Organization for Cooperation and Security in Europe (OSCE) has decided in a parliament assembly that Austria must grant visas to all visiting member states, including Russia. The visas for the Russian Delegation have caused quite some controversy in the last week however, the visa issues seem to be settled.
February 8, 2023
Austria Expels Four Russian Diplomats
Austria expels four Russian diplomats. This was announced by the Foreign Ministry, according to a statement. The four diplomats are accused of "incompatible actions" with their diplomatic status. This expulsion, however, goes beyond espionage and incompatible acts, according to experts.
February 2, 2023
Austria Stuck in a Dilemma at the OSCE
Austria may cause some controversy at the Parliamentary Assembly of the Organization for Cooperation and Security in Europe (OSCE) in Vienna by letting sanctioned Russian politicians enter the country and granting them visas. Moreover, of all days, the Parliamentary Assembly will be held on February 23 and 24.
February 1, 2023
Minister Edtstadler Met With Hungarian Minister Varga in Vienna
Austrian Europe Minister Karoline Edtstadler has met with the Hungarian Minister of Justice Judit Varga in Vienna where they talked about current challenges such as illegal immigration and the Russian aggression on Ukraine.
January 31, 2023
OSCE Condemns Russia’s Decision to Outlaw Independent News Outlet Meduza
Moscow continues its campaign against opposition Russian media with unabated vigor. The Riga-based web portal "Meduza" is banned completely in Russia. The OSCE denounced the Russian authorities’ decision to outlaw one of the most popular Russian-language news portals.
January 31, 2023
Chancellor Nehammer Visited Georgia
Austrian Chancellor Karl Nehammer has visited Georgia and expressed his support for the country’s EU integration. He also understood the complicated situation and showed comprehension regarding the Russia sanctions.
January 30, 2023
EU Extends Sanctions Against Russia
The European Union is extending its economic sanctions against the Russian Federation for the aggression in Ukraine. The sanctions will be extended for a half year now.
January 29, 2023
Moscow Bans Oldest Russian Human Rights NGO Related to OSCE
A court in the Russian capital has ordered the closure of the Moscow Helsinki Group, a human rights organization founded in Soviet times. The Russian Justice Ministry's request for liquidation was granted, Judge Mikhail Kazakov ruled in the Moscow City Court. The OSCE strongly condemns this, especially since the Helsinki Group is linked with the establishment of the OSCE itself.
January 26, 2023
Exchange of Topics Between Foreign Minister Schallenberg and his Counterpart of North Macedonia Bujar Osmani
Austrian Foreign Minister Alexander Schallenberg met with his Macedonian counterpart Bujar Osmani, where they discussed several topics including topics regarding the Organization for Security and Cooperation in Europe (OSCE). From January 1, North Macedonia has taken over as the chair of the organization for this year.
January 11, 2023 · Updated: January 20, 2023; 12:00
Serbia's Complicated Relationship with Russia
Serbia's relatively close relationship with Russia, while based on a somewhat haggard history, has been rather positive in recent years. Since Russia's attack, but also before, this relationship has been crumbling more and more. There are several reasons for this, some of which are currently intensifying.
January 19, 2023
Austrian Companies Remain Strong in Russia
Many Austrian companies are active in Eastern Europe, especially in the Balkans, Ukraine and Russia. Especially in Russia, the activity of Austrian companies has been very successful but is controversial due to the Russian attack on Ukraine. According to research by the Kyiv School of Economics (KSE), almost a year after the start of the Russian invasion of Ukraine, two-thirds of the previously present companies from Austria are still active in Russia.
January 18, 2023
Swiss President Alain Berset Visited Austrian President Alexander Van der Bellen
Austrian President Alexander Van der Bellen welcomed the newly inaugurated Swiss President Alain Berset. It is a tradition that newly inaugurated Swiss Presidents make their first state visits abroad in Austria. Berset also met with Chancellor Karl Nehammer, Foreign Minister Alexander Schallenberg, and many more Austrian politicians.
January 16, 2023
Austrian Raiffeisen Bank International Gets Under Pressure Due to Russo-Ukrainian War
Its involvement in Russia keeps Raiffeisen Bank International (RBI) and its managers, led by Johann Strobl, very busy. The subsidiary institution in Moscow is RBI's biggest profit earner and almost the entire RBI board is on the Ukrainians' "awaiting sanctions" list. Whether RBI will stay in Russia and how to proceed is still unclear, as the banking group is in a tricky situation.
January 9, 2023
Ukrainians Want Raiffeisen Bankers Sanctioned
Austria's Raiffeisen Bank International is coming under pressure in Ukraine. RBI CEO Johann Strobl and another manager are on a list drawn up by Ukrainian authorities, according to which sanctions are recommended.
January 8, 2023
Russian Permanent Representative to UN in Vienna Says Soon Agreement with IAEA on Zaporizhzhya Nuclear Power Plant
At Ukraine's Zaporizhzhya nuclear power plant, which is under Russian control, there have again been several powerful explosions, according to the International Atomic Energy Agency. An agreement on a protection zone is being fiercely discussed but has yet to be reached. The Permanent Representative of the Russian Federation and Moscow expect significant progress in this direction.
December 22, 2022
Austrian Parliamentarians Report on Visit to Ukraine
During a press conference representatives of the Bilateral Parliamentary Group Austria-Belarus, Moldova and Ukraine reported on their visit to war-torn Ukraine. Members of the Austrian People's Party (ÖVP), the Austrian Social Democratic Party (SPÖ), the Green Party and the NEOS took part in the trip.
December 12, 2022
Lithuanian Foreign Minister Landsbergis Visits Vienna
Lithuania's Foreign Minister Gabrielius Landsbergis came to Vienna for a visit, meeting his counterpart in Austria, Alexander Schallenberg. In addition, Landsbergis met with IAEA Chief Rafael Mariano Grossi and OSCE Secretary General Helga Schmid. The exchanges focused on the Russian war in Ukraine, in particular European support efforts against the backdrop of the approaching winter, as well as the prosecution of war crimes. In addition, the two foreign ministers discussed current developments in Iran and increasing migration pressure.
December 11, 2022
Austria Still Declines the Schengen Expansion
Austrian Chancellor Karl Nehammer confirmed Austria’s negative position towards the Schengen expansion today. At the Western Balkan meeting today in the Albanian capital Tirana, Nehammer declined further Schengen expansions for now.
December 7, 2022
OPEC Plus Sticks to Production Strategy
The OPEC+ oil alliance is sticking to its current production strategy for the time being. EU sanctions against Russia's oil revenues will apply from tomorrow. The OPEC+ countries have nevertheless confirmed their previous oil production targets. However, an expert committee wants to review the production strategy every two months.
December 4, 2022
Austria Supports Expansion of Croatian LNG Terminal Krk
Croatia wants to expand its terminal for liquefied natural gas (LNG) on the Adriatic island of Krk far beyond its own needs and develop it into a hub for gas supply in the region - gas is also to flow from there to Austria and Germany in the future. At a meeting on Krk, Croatia's Prime Minister Andrej Plenkovic, Austria's Chancellor Karl Nehammer and Bavaria's Minister President Markus Söder agreed to support each other in strengthening energy security, diversifying energy sources and ensuring the security of supply with natural gas and hydrogen.
November 24, 2022
Austrian Think Tank Identifies Need for Improvements to Ukraine's Reconstruction Plan
Together with the GROWFORD Institute in Kyiv, the Vienna Institute for International Economic Studies has investigated how the Ukrainian government's reconstruction plan, presented in July, should be evaluated. How much will Ukraine's reconstruction cost and where will the money come from?
November 8, 2022
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