US EditionAustria's Raiffeisen fails in new effort to sell stake in Russia: Report
Russian authorities blocked the sale to preserve Raiffeisen as a vital payment channel for gas exports to Europe, with €7 billion in profits currently stranded, sources said.
- This year, Raiffeisen Bank International failed in another attempt to sell a stake in its Russian business, as Russian authorities opposed the deal to maintain a payments 'gateway', two people said.
- Moscow sought to maintain a financial bridge to Western markets, complicating any local takeover as escalating tensions and U.S. and European Union pressure complicated sale talks.
- The bank processes key energy payments via the TurkStream pipeline, and CEO Johann Strobl visited Russia to negotiate a sale while Raiffeisen spokesperson said lending and payments have been cut and require Russian approval.
- Putting the sale on hold means large sums remain unrepatriated, as Raiffeisen Bank International has roughly 7 billion euros in profits stranded in Russia amid U.S. and European Union pressure and criticism from Ukrainian officials.
- Raiffeisen Bank International says negotiations continue but face hurdles as an unnamed Russian investor sought to buy the stake, though the Kremlin opposed, and a Russian court ordered 2 billion euros earlier this year.
16 Articles
16 Articles
The Austrian Raiffeisen Bank wants to sell its Russian business. However, the Kremlin prevents the largest western bank in the country from being able to separate itself from its daughter.
The Austrian Raiffeisen Bank International (RBI) was again unable to negotiate with the Russian authorities a deal on...
Exclusive: Austria's Raiffeisen fails in new effort to sell stake in Russia, sources say
Raiffeisen Bank International has failed in another attempt to sell a stake in its Russian business, two people familiar with the situation said, as Russia seeks to maintain a key financial bridge to the West.
The Austrian bank is an important channel for Russian payments to the West and thus contributes to the financing of the war in Ukraine
Market Screener
BizTocAustria's Raiffeisen fails in new effort to sell stake in Russia, sources say
VIENNA -Raiffeisen Bank International has failed in another attempt to sell a stake in its Russian business, two people familiar with the situation said, as Russia seeks to maintain a key financial...
The Austrian banking company has found itself in a vicious circle. Despite efforts to sell its division in Russia, it has still not succeeded. The process is also complicated by regulations on the Russian side.
Coverage Details
Bias Distribution
- 56% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
