Raiffeisen Bank International currently sees no indication that Russia plans to expropriate its business in the country, despite growing concerns over Western companies operating there.
The Austrian lender’s chief executive, Michael Hoellerer, said on Monday that he had received no direct warning from Russian authorities about a possible seizure of the bank’s operations.
However, the bank remains determined to leave Russia as soon as possible. Raiffeisen has been seeking an exit since Russia’s full-scale invasion of Ukraine in 2022, but attempts to sell the business have repeatedly failed.
Hoellerer said leaving the Russian market would be complicated and require several approvals, particularly from Russian authorities. He also acknowledged the possibility of compulsory administration or expropriation of Western-owned businesses.
Concerns have intensified after Russia placed the local operations of German retailer Metro under state administration. Similar measures have previously affected the Russian businesses of major Western companies, including Nestlé and Auchan.
Raiffeisen remains one of the largest Western banks with a significant presence in Russia. Its prolonged efforts to withdraw highlight the difficulties foreign companies face in disposing of assets under Moscow’s restrictions.
The situation also underscores the broader financial and legal risks facing European businesses that have sought to exit the Russian market since the war began.
Leave a comment