Raiffeisen Bank International has suspended efforts to sell its unit in Russia amid warming ties between Moscow and Washington, the Financial Times (FT) reported on April 18, citing undisclosed sources.
Austria's Raiffeisen, the largest Western bank still operating in Russia, has long been scrutinized for failing to exit the country's market despite the EU and U.S. sanctions imposed at the outbreak of the full-scale war against Ukraine in 2022.
While initially announcing intent to sell its Russian branch, Raiffeisen decided in February to pause this effort amid U.S. President Donald Trump's diplomatic outreach to Russia, the FT wrote.
The outlet's sources nevertheless said that the situation might still change.
Trump's efforts to negotiate a ceasefire in Ukraine have largely stalled as Moscow continues to reject a full 30-day truce, and the partial pause on strikes against energy facilities failed to hold.
Russian and U.S. officials have, nevertheless, floated the possibility of economic cooperation as part of the eventual settlement in Ukraine, and the rapprochement has already signaled positive developments for the Russian economy.
Raiffeisen told the FT that the process to sell its Russian unit is ongoing, but clarified that a Russian court ruling from September 2024, which froze the subsidiaries' assets, precluded the finalization of the process.
Tim Zadorozhnyy
(Updated: )
