OREANDA-NEWS The management of one of the largest Austrian banking groups — Raiffeisen Bank International (RBI) — has not yet approved the final terms of leaving Russia. Plans to separate the Russian business (Raiffeisenbank and other assets) are being postponed due to the RBI's hope for an early end to the military conflict in Ukraine, Reuters reports, citing industry sources.

In the bank's management, the issue of maintaining or abandoning the Russian business caused controversy. Initially, it was planned that RBI would separate its Russian business by September 2023 amid increased pressure from the European Central Bank (ECB). However, Raiffeisen decided to resist the pressure of the European regulator in the hope of softening the geopolitical situation in the foreseeable future.

As a result, RBI's strategy to separate its Russian business has not been submitted to the ECB to date, which makes it difficult to sell or transfer the group's assets in the coming months. In addition, the departure of the Austrian banking group from Russia is delayed due to the unwillingness of the republic's authorities to sever long-standing economic ties with Moscow. For this reason, Austrian officials are strengthening RBI protection in Europe and the United States.