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ECB calls on RBI to reduce its business in Russia more quickly
Raiffeisen expects warning from the ECB over business activities in Russia. Raiffeisen Bank International (RBI) is affected. Learn more!
ECB calls on RBI to reduce its business in Russia more quickly
Raiffeisen Bank International (RBI) is preparing to receive a warning from the European Central Bank (ECB) in the foreseeable future. The reason for this is the expectation that the ECB will ask the Austrian bank to reduce its business activities in Russia more quickly. This emerges from an ad hoc announcement from the RBI published on Thursday.
Since February 2022, RBI has been pursuing the goal of reducing the business activities of its Russian subsidiary AO Raiffeisenbank. The move towards a more rapid reduction of its activities in Russia suggests that the RBI is responding to the ECB's changing guidance and expectations.
The connection between the RBI and Russia, and the potential adjustment of operations in that country, could have implications for the banking sector as a whole. The exact nature of the admonition and the steps the RBI will take in future to comply with the ECB's instructions remain to be seen. Given geopolitical developments and regulatory requirements, it is important for banks like RBI to respond flexibly and proactively to changes.