Raiffeisen sees no signs that its Russian business will be confiscated

Michael Gellerer, CEO of Raiffeisen Bank International, stated that he currently sees no signs that Russia is preparing to expropriate the bank’s assets in the country.

According to him, Russian officials have not directly mentioned the possibility of asset seizures. At the same time, Gellerer acknowledged that the risk of forced administration or expropriation of Western businesses in Russia remains.

 Despite this, Raiffeisen wants to leave the Russian market as soon as possible. Gellerer noted that if the bank could exit Russia as early as tomorrow, it would do so.

Raiffeisen has been considering an exit from Russia since the start of the full-scale invasion in 2022. However, the process is complicated and requires numerous approvals, particularly from the Russian authorities.

Risks for Western companies in Russia have increased recently. This month, the Russian assets of the German Metro chain were transferred to state control. Similar measures were previously applied to the Swiss company Nestlé and the French company Auchan.

Source: Reuters.

At the start of the full-scale invasion, the Austrian group Raiffeisen Bank International had expected a swift end to the war with a Russian victory and a subsequent return to business as usual in Russia.

The European Union’s 21st package of restrictions may include measures related to the Austrian Raiffeisen Bank International. So far, EU countries have been unable to finalize the new sanctions package, in part due to disagreements regarding the banking group. At the same time, the bank’s press office noted that discussions are focused on an issue related to a stake in the Austrian construction company Strabag.