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Raiffeisen Bank is under scrutiny for profiting from Russian defense-linked companies, including Unichim and Totalelectro, while facilitating transactions through sanctioned banks. Despite generating over €1 billion in profit from Russia in 2023, capital controls hinder the repatriation of €4.4 billion in surplus capital. As pressure mounts from Western regulators to exit the Russian market, the bank faces significant financial and regulatory challenges.
Raiffeisen Bank International AG is profiting from companies supplying the Russian military, earning over RUB 62 million from Unichim, which provides components for military systems. The bank's operations in Russia contributed to over US$1 billion in profits in 2023, despite facing capital transfer restrictions. Following reports of its involvement, shares fell by 6.4% in Vienna.
Raiffeisen Bank's shares have experienced a significant decline following reports that Russian clients are allegedly supporting Putin's war efforts. This development raises concerns about the bank's exposure to geopolitical risks and its reputation in the international market.
Raiffeisen Bank International AG's shares plummeted by 9.40% after reports emerged that the bank earned fees from a Russian chemical company linked to military supplies for Russia's defense industry amid the ongoing conflict in Ukraine. Documents revealed that the Russian branch received over 62 million rubles ($620,000) in service fees last year, raising concerns among European officials about potential undisclosed clients involved in similar activities. A bank spokesman asserted that Raiffeisen complies with all relevant sanctions imposed by the EU, US, and UK.
Raiffeisen Bank's Russian unit has facilitated transactions for firms supplying materials to Russia's military, generating significant profits despite sanctions. Documents reveal that Unichim, a chemical company, provided acids for military systems, while Raiffeisen processed payments linked to sanctioned entities. The bank faces pressure to exit Russia amid regulatory scrutiny, yet it remains entangled in the war economy, accumulating stranded capital.
[Bloomberg]
Raiffeisen Bank International AG has profited from Russian firms supplying the military, with its Russian unit earning over 62 million rubles ($620,000) in fees from a chemical company last year. This company provided materials to a sanctioned entity involved in military system production.
Raiffeisen is set to present its financial results for the quarter ending December 31, 2024, during a conference on February 4, 2025. Analysts anticipate an average loss per share of EUR -2.813, a significant decline from EUR 0.750 in the same quarter last year, with expected turnover dropping 49.29% to EUR 1.91 billion. For the past fiscal year, earnings per share are projected at EUR 4.67, down from EUR 6.94, with sales expected to average EUR 7.56 billion compared to EUR 15.00 billion previously.
European slaughter pig prices have mostly stabilized, with declines noted only in France and Italy. Germany's market faces pressure due to foot-and-mouth disease affecting exports, while Austria sees improved conditions thanks to strong tourism. The EU average price continues to decline, down 1.6% from the previous week.
Raiffeisen Bank Lugano has strengthened its Executive Board with the appointments of Lara Canepa Camnasio and Antonella Micello Pezzuto, enhancing its leadership as it celebrates its 50th anniversary. Canepa Camnasio brings over 25 years of corporate consulting experience, while Micello Pezzuto has extensive expertise in risk management. The bank aims to continue its commitment to local clients and members, marking a significant milestone in its history.
Raiffeisen Bank International AG
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