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Raiffeisen
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Raiffeisen

Austrian bank with Russia's largest Western exposure; asset dispute stalls the EU's 21st sanctions package.

Last refreshed: 16 July 2026 · Appears in 1 active topic

Timeline for Raiffeisen

#1715 Jul

Russia-linked banking access dispute

European Oil Markets: Mentioned in: EU freezes Russia oil cap for a week
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Common Questions
Why is Raiffeisen Bank blocking EU sanctions on Russia?
Austria has resisted measures in the EU's 21st sanctions package that could further restrict Raiffeisen Bank International's remaining Russian operations, fearing it would lose the ability to recover value from its Russian subsidiary, AO Raiffeisenbank.Source: Bloomberg
Does Raiffeisen Bank still operate in Russia?
Yes. Raiffeisen Bank International continues to operate in Russia through its subsidiary AO Raiffeisenbank, one of the few remaining Western-linked channels giving Russian counterparties SWIFT access. RBI has been seeking a buyer for the business since December 2025 without completing a sale.
Which Western bank has the biggest exposure to Russia?
Austria's Raiffeisen Bank International has the largest remaining Western banking exposure to Russia of any European lender, which is why its position is central to the EU's stalled 21st sanctions package.

Background

Raiffeisen Bank International (RBI) is the Austrian banking group at the centre of the EU's stalled 21st Russia sanctions package this week. Vienna blocked agreement on 13 July 2026, alongside a separate LNG-transport dispute, over concerns that further measures would jeopardise RBI's remaining Russian operations and its ability to recover value from them; ambassadors instead settled for a one-week stopgap freeze of the oil price cap on 15 July while the wider package remained unresolved.

RBI holds by FAR the largest Western banking exposure to Russia of any European lender, operating through its Russian subsidiary AO Raiffeisenbank, one of the few remaining channels giving Russian counterparties access to the international SWIFT payment system. The bank has publicly sought a buyer for its Russian business since at least December 2025, but has not completed a sale; Russian regulators have been reluctant to approve an exit, wary of losing one of the last international payment links.

The standoff illustrates how a single member state's banking exposure can stall a sanctions package requiring EU unanimity. Campaign groups including BankTrack and B4Ukraine have separately found RBI subsidiaries still invested in sanctioned Russian entities, adding pressure on Brussels to act even as Vienna resists.