Olena Buturlim13:03, 15.08.24

The support service informs that the bank will no longer be able to make outgoing transfers in foreign currency for all categories of individuals.

Raiffeisenbank, the largest of the foreign banks that continue to operate in the Russian Federation, will stop making outgoing transfers in foreign currency for individual clients from September 2, writes RBC with reference to the bank’s support service.

“From September 2, 2024, Raiffeisenbank will no longer be able to make outgoing transfers in foreign currency for all categories of individual clients. The restriction was introduced in accordance with the decision of the RBI Group in connection with the ECB’s order,” said a customer support representative.

He added that all currency transfers, which were correctly executed and accepted by the bank for execution by 4:00 p.m. Moscow time on August 30, 2024, will be processed taking into account the current conditions and restrictions.

The restriction was introduced in connection with the decision of the parent structure of the bank – the Austrian RBI group. The order was issued by the European Central Bank, writes The Moscow Times .

“We are sorry if this situation disrupts your financial plans, but we cannot influence this decision,” Raiffeisenbank said.

According to another representative of the bank, due to the requirements of the ECB, other of its products may also be “closed”. If the management does not have time to comply with the regulator’s instructions, then the credit organization in Russia is at risk of complete cessation of work.

In general, the ECB requires the Austrian Raiffeisen Bank to reduce remittances to Russian clients by three times by 2026 and by the same amount to reduce lending to Russian citizens and companies.

It is worth noting that the Russian “Raiffeisenbank” is a subsidiary bank of the Austrian banking group Raiffeisen Bank International.

Russian business of the Austrian Raiffeisen Bank

Earlier, UNIAN wrote that the pressure on the Austrian Raiffeisen Bank International is growing both from Washington and from the ECB. The goal is to weaken his ties with Russia.

In May 2024, the chairman of the Raiffeisen Bank group, Johann Strobl, announced that the Austrian bank still intends to comply with the order of the European Central Bank to reduce business in the Russian Federation. It is noted that such actions are planned for the third quarter of 2024.

(C)UNIAN 2024