The bank could be deprived of access to the American financial system if it continues to operate in Russia.
The US Treasury Department is calling on the Austrian bank Raiffeisen Bank International to leave Russia. Otherwise, the bank could lose access to the American financial system. Reuters reported this on Wednesday, May 15, citing a source.
It was noted that on May 6, Deputy Finance Minister Wally Adeyemo sent a letter to Raiffeisen Bank International, expressing concern about the bank’s presence in Russia, as well as a $1.5 billion settlement with a Russian tycoon subject to penalties. However, the bank canceled the agreement.
As you know, Raiffeisen is one of the few Western banks that continues to operate in Russia and maintains access to SWIFT. This has increased the demand for its services from Russian clients.
Earlier it was reported that Raiffeisen Bank International found a risky way to reduce the costs of withdrawing their money from Russia. In particular, the bank entered into an agreement with Oleg Deripaska, who is under EU sanctions. Later it became known that Raiffeisen Bank abandoned the dubious agreement with Deripaska.
Raiffeisen Bank expects a request from the ECB to exit the Russian market
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.