The planned withdrawal of Raiffeisen Bank International (RBI) from Russia has been blocked by a court ruling. As the Austrian bank announced, a Russian court has issued an injunction prohibiting RBI from selling its subsidiary in Russia. The decision will delay the exit plans, said the company, which recently played an important role in the Russian banking sector. However, RBI will “try to reverse today’s court decision by all legal means,” the statement said. However, there are other obstacles in the way of a withdrawal from Russia. A buyer who is not subject to sanctions would have to be found. Approval from Russian President Vladimir Putin would also be necessary.

Russia business already severely restricted

The RBI has already severely restricted its business in Russia. At the beginning of 2023, around 30 percent of all euro and dollar transfers from Russia in the international payment system SWIFT were still processed through the RBI. Now foreign currency transactions are only carried out for some international customers, an RBI spokesman told the German Press Agency.

However, due to the high interest rates in Russia, RBI still makes a lot of money there. In the first half of the year, it was 705 million euros after taxes – about half of the group’s profit.