Raiffeisen
Austrian bank with Russia's largest Western exposure; asset dispute stalls the EU's 21st sanctions package.
Austria's demand to compensate Raiffeisen from frozen Russian assets helped stall the EU's 21st Russia sanctions package in July 2026. The package passed on 23 July; the Vienna bank remains the most exposed Western lender in Russia.
Last refreshed: 12 October 2026 · Appears in 2 active topics
Timeline for Raiffeisen
Mentioned in: Putin clears sale of AO UniCredit Bank
Russia-Ukraine War 2026EU freezes $44 Russia oil cap 12 months
European Oil MarketsStood to receive roughly EUR 2bn compensation from frozen Russian assets
European Oil Markets: Six states hold the 22 July Coreper voteRussia-linked banking access dispute
European Oil Markets: Mentioned in: EU freezes Russia oil cap for a weekEU's 21st sanctions package stalls again
Russia-Ukraine War 2026Background
Raiffeisen Bank International (RBI) is a Vienna-based lender with the largest exposure to Russia of any Western bank. It operates there through its subsidiary AO Raiffeisenbank, one of the few remaining channels connecting Russian counterparties to international payments.
RBI has sought to sell or shrink the Russian unit without completing an exit. Any sale needs the Kremlin's approval. In October 2026 Vladimir Putin signed an order clearing the sale of UniCredit's Russian bank, one of the few other large Western lenders left there, without naming a buyer or price.
That exposure ties the bank to EU sanctions politics. Austria's push in July 2026 to compensate RBI from frozen Rasperia assets helped stall the 21st package, showing how one lender's losses in one member state can hold up policy the rest of the bloc supports.
One bank's losses stalled a package
When the 21st package failed to clear EU ambassadors on 15 July 2026, Raiffeisen was one of the reasons. Austria wanted Rasperia, an investment firm tied to Oleg Deripaska, delisted so that its frozen assets could compensate the bank. Greece held out over Russian LNG re-exports.
Vienna's condition had nothing to do with oil, yet unanimity let it block the tool that sets the Russian price CAP. The package cleared on its third attempt and was adopted on 23 July, freezing the $44 CAP for 12 months and barring 32 Russian banks. Reporting that day described Raiffeisen as shielded from fresh restrictions on its Russian operations.
When did the EU's 21st sanctions package fail to pass?
Why does Austria want Rasperia delisted from EU sanctions?
Which Western bank has the biggest exposure to Russia?
Does Raiffeisen Bank still operate in Russia?
