Complex entanglement
RBI clients allegedly involved in Putin’s war
When the Russian invasion of Ukraine began almost three years ago, most Western banks withdrew from the world's largest country in terms of territory. Raiffeisenbank International AG is one of the few that have remained. Research by "Bloomberg" has now brought to light that some of its customers are probably in contact with the Russian army.
The Russian business is very complex for Raiffeisen. On the one hand, it is extremely profitable, but on the other, the money cannot be accessed in Vienna - because it is stuck in Russia. The reason: because of the sanctions imposed by the West against Moscow, Austria was also declared an "unfriendly country" by the Kremlin as revenge. As a result, AO Raiffeisen is no longer allowed to pay dividends to Raiffeisenbank International (RBI) in Vienna.
However, a withdrawal is particularly difficult as the Russian Raiffeisen is considered "systemically relevant" in Russia. It is regulated by the Central Bank in Moscow. Accounts can only be closed in certain cases - sanctions are therefore not one of them.
Civilian companies are being dragged into the war in Russia
Since Kremlin leader Vladimir Putin transformed Russia into a war economy, numerous civilian companies have been integrated into military supply chains. This means that more and more companies are being drawn into the armed conflict. It is difficult to assess the full extent of this and the entanglements involved. "Bloomberg" cites a statement made by a government official: This official was namely "almost certain" that the RBI had several customers who make deliveries to the Russian arms industry.
As part of an investigation by the financial news service "Bloomberg", it was revealed that the Russian chemicals group Unichim is said to be a customer of the RBI. The company itself is not on any sanctions list. "According to Bloomberg, it was founded in 2019 and sells various chemicals that are used in medicine and the fertilizer industry, for example. However, Unichim is also said to have supplied a sanctioned company with ingredients that are used in the manufacture of military systems.
Round corners to ammunition
The company Rawenstwo is said to have received chemical products for a government project. According to European government officials, it is to manufacture platforms and ammunition for glide bombs and multiple launch rocket systems.
According to the report, Raiffeisenbank collected 62 million roubles (606,629 euros) in fees from Unichim. These include transfer fees, commissions, fees for foreign currency transactions and account management fees. In addition, according to Bloomberg, RBI is said to have carried out transactions from bank accounts at sanctioned banks. These include Sberbank, Commercial Bank Solidarnost and VTB Bank. The presumption of innocence applies to all those involved.
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