The US Treasury Department has written to the Austrian Raiffeisen Bank International that it may restrict access to the American financial system due to the bank's dealings with the Russian Federation.
What is known about the US Raiffeisen Bank warning
As the publication notes, in early May, Deputy Minister of Finance Wally Adeyemo sent a letter to the RBI in which he expressed concern about a $1.5 billion deal with Russian sanctioned oligarch Oleg Deripaska. The bank subsequently terminated it.
However, the Ministry of Finance remains concerned about Raiffeisen's business in Russia. The new warning is one of the most serious for Raiffeisen Bank International, and it was preceded by months of pressure from Washington. A representative of the bank said that the RBI has "significantly reduced" its operations in Russia.
The United States could cut off a bank's access to the dollar, which could lead to a crisis for any bank.
Raiffeisen Bank's relations with Russia
In March 2023, the Austrian banking group Raiffeisen Bank International announced that it would be engaged in the possible sale or spin-off of its Russian business. They pledged to reduce activity in Russia.
In 2023, Raiffeisen Bank International paid EUR 464 million in tax to the budget of the Russian Federation. RBI's profits in Russia have more than tripled to 1.8 billion euros between 2021 and 2023, accounting for half of the Austrian group's total profits.
Earlier, the Austrian authorities urged Raiffeisen Bank International (RBI) to abandon the deal related to Oleg Deripaska, fearing a negative reaction from the United States.
