The Russian branch of the Austrian bank explained this decision by the need of the European regulator.
The Russian division of Austrian Raiffeisen Bank International reported that it has temporarily suspended the opening of new brokerage accounts due to the European regulator’s requirement to reduce the group’s presence in Russia.
“Regarding the instruction of the European Central Bank to the RBI Group Raiffeisen Bank is forced to reduce the volume of transactions on the Russian market,” the lender said in a statement.
The bank said existing accounts will be serviced as usual.
As we wrote earlier, the Austrian Raiffeisen Bank International will continue to reduce its large and profitable business in Russia under an agreement with the European Central Bank.
Raiffeisen has already said it plans to begin exiting the Russian market in the summer.
Source: korrespondent
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