Austrian bank Raiffeisen Bank International (RBI) has again failed to sell its stake in its Russian business due to opposition from the Russian authorities, according to Reuters, citing sources familiar with the situation.
RBI attempted to sell part of its Russian subsidiary to a local buyer in order to withdraw billions of euros in profits that were “frozen” in Russia. However, the deal requires approval from Russian regulators, which has not been obtained. According to the sources, Russia opposed the move, fearing that the transfer of the stake to the Russian side could provoke Western sanctions against RBI, thereby undermining important channels of financial ties with Europe.
Sources note that Raiffeisen plays a key role in processing payments for Russian gas, including through the TurkStream gas pipeline, making it an important “financial bridge” between Russia and Europe.
RBI’s press service said the bank is scaling back its operations in Russia and that any deal to sell the business “depends on many regulatory approvals, including the approval of the Russian authorities.”
Since the start of the war in Ukraine, Raiffeisen has accumulated about €7 billion in profits, which are “blocked” in Russia due to the inability to repatriate them. The bank handles significant transactions related to gas supplies to Europe via pipelines — part of Russian exports, estimated to be worth several billion dollars a year.
