Raiffeisenbank, a subsidiary of Raiffeisenbank International, continues to operate in Russia despite discussions about its potential withdrawal.

The bank serves around 3.3 million customers in the country and has been profitable.

Recently, President Vladimir Putin signed a law offering debt relief to Russians who join the military for a year. This has raised concerns about the ethical implications of such measures.

The law, effective from December 1, aims to incentivize recruitment by waiving debts for those who enlist in the armed forces.

Raiffeisenbank has previously complied with similar government mandates, such as temporarily suspending loan payments for soldiers, citing legal obligations as a Russian bank.

The bank has not commented on the latest debt relief initiative, highlighting the complex relationship between financial institutions and state policies in Russia during the ongoing conflict.