ECB pressuring major bank to leave Russia Reuters RT Business News
Member state claims EU delusional in push to decouple from Russia
The Office of Foreign Assets Control (OFAC), a division of the US Treasury Department responsible for monitoring and implementing sanctions against Russia, launched a probe into Raiffeisen over its Russia business earlier this year, reportedly investigating potential breaches of Western sanctions by the bank.
The Financial Times claimed last week that Raiffeisen was in talks with Russias biggest bank, Sberbank, to exchange its profits in Russia for some of the banks frozen assets in Europe. Reuters reported on Friday, however, that Russian officials had denied that such talks had taken place.
Raiffeisen plays a critical role in the Russian economy, providing a lifeline for euro payments to and from the country. Its one of only two foreign banks on the Russian Central Banks list of 13 systemically important credit institutions, the other being Italys UniCredit.
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Friday, March 24, 2023 at 10:44 am