In Austria, they named one of the options for the exit of Raiffeisen from Russia – barter with Sberbank

The Austrian banking group Raiffeisen is exploring the possibility of exiting the Russian market through a barter agreement with the sanctioned Sberbank, it was reported on Wednesday. Der standard and Falter, writes League.

The option of exchanging Raiffeisen assets in Russia for Sberbank Europe headquartered in Vienna is proposed , stopped job a year ago. The Belarusian subsidiary of Raiffeisen can also take part in the scheme.

Such a proposal was discussed last week at a meeting of the board of Raiffeisen.

This is essentially a hidden barter that Raiffeisen managers from the circle of CEO Johann Strobl came up with: the Russian state-owned Sberbank receives the assets of Raiffeisen in Russia, and RBI receives the assets of Sberbank in Vienna”, says the publication of Falter, who first reported such an agreement.

Officially, Raiffeisen calls such a discussion theoretical considerations; no practical steps have yet been taken in this direction.

The bank assured that it complies with all sanctions against Russia and any transactions must first be coordinated with the authorities of Austria and the European Union.

  • Austrian Foreign Minister Alexander Schallenberg last week declaredthat Raiffeisen Bank International is “acting prudently” when it continues to operate in Russia, “waiting to see how the situation develops.”
  • Head of the Board of the Ukrainian Raiffeisen Bank Oleksandr Pysaruk assuredthat Raiffeisen is close to making a decision to withdraw from Russia. According to him, the Austrian group is considering various options for terminating business in Russia, including a complete exit.