RT.com
24 Mar 2023, 22:14 GMT+10
Austrian officials are reportedly defending Raiffeisen Bank's activities in the sanctioned country
The European Central Bank (ECB) is pressuring Austria's Raiffeisen Bank to quit the Russian market, Reuters reported on Friday.
The ECB is not demanding that Raiffeisen leave the country immediately, fearing the financial hit it could trigger, but wants the lender to develop a plan for unwinding its business there, with one of the options being a sale or closure of its Russian affiliate, the news agency cited its sources as saying.
The pressure on Austria's second-biggest bank reportedly comes after a top US official visited Vienna last month, and voiced concerns about the lender's operations in Russia.
Raiffeisen, however, does not intend to present such a plan yet, Reuters said, adding that some Austrian officials see the pressure as "unwarranted foreign meddling."
The Office of Foreign Assets Control (OFAC), a division of the US Treasury Department responsible for monitoring and implementing sanctions against Russia, launched a probe into Raiffeisen over its Russia business earlier this year, reportedly investigating potential breaches of Western sanctions by the bank.
The Financial Times claimed last week that Raiffeisen was in talks with Russia's biggest bank, Sberbank, to exchange its profits in Russia for some of the bank's frozen assets in Europe. Reuters reported on Friday, however, that Russian officials had denied that such talks had taken place.
Raiffeisen plays a critical role in the Russian economy, providing a lifeline for euro payments to and from the country. It's one of only two foreign banks on the Russian Central Bank's list of 13 systemically important credit institutions, the other being Italy's UniCredit.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Middle East Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.
More InformationTAIPEI, Taiwan: Taiwan and the United States are set to sign the first deal under a new trade framework, marking ...
BRUSSELS, Belgium: EU tech chief Margrethe Vestager has said that a draft code of conduct on artificial intelligence (AI) could ...
GLOBAL PR CONNECT (GPRC)New Delhi [India], June 9: Bird ExecuJet Airport Services Private Limited was named the sole General Aviation ...
New Delhi [India], June 9 (ANI): SpiceJet said it will induct ten Boeing 737 aircraft into its fleet to cater ...
Colombo [Sri Lanka], June 9 (ANI): China's absence from the Sri Lankan debt restructuring meeting in Washington in April indicates ...
NEW YORK, June 8 (Xinhua) -- U.S. stocks ended higher on Thursday, boosted by a rally in shares of big ...
WASHINGTON D.C.: The Federal Aviation Administration has said that a drone sighting disrupted some flights at Pittsburgh International Airport this ...
PORTLAND, Oregon: A federal trial has begun in Portland, Oregon examining the constitutionality of a stringent gun control law approved ...
PHILADELPHIA, Pennsylvania: Philadelphia Mayor Jim Kenney and members of the city's historical commission have been sued by a group which ...
LANSING, Michigan: Michigan's Department of Natural Resources said by a wildfire in the state has burned through more than 3 ...
ISTANBUL, Turkey: In an interview with Reuters, Willie Walsh, director-general of the International Air Transport Association, (IATA), said airlines are ...
SACRAMENTO, California: Sixteen migrants from Venezuela and Colombia, who had entered the United States through Texas, were transported to California ...