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Vladimir Putin's pressure on Western companies has intensified, particularly affecting the Austrian Raiffeisen Bank International (RBI), which is entangled in a legal dispute with Russia over its attempt to exit the market. A Russian court has issued a temporary injunction preventing RBI from selling its Russian subsidiary, complicating its withdrawal plans. Despite criticism for its ongoing operations in Russia, RBI has significantly reduced its business there, facing threats from the U.S. to limit its access to the American financial system.
Raiffeisen Bank International (RBI) faces significant challenges as it attempts to withdraw from the Russian market, hindered by a Russian court's injunction against selling its subsidiary. Despite pressure from the U.S. and the European Central Bank to reduce its Russian operations, RBI remains one of the last Western banks active in the region, drawing criticism for its financial ties to the Kremlin amid ongoing geopolitical tensions. The upcoming Annual General Meeting on March 26, 2025, may provide insights into the bank's future strategies and the impact of its Russian business.
Raiffeisen Bank International (RBI) faces significant challenges as it attempts to withdraw from its Russian operations, hindered by a Russian court's injunction blocking the sale of its subsidiary. Despite severe restrictions on its Russian business, RBI remains one of the last Western banks operating in the region, drawing criticism and threats from the U.S. regarding its financial activities. The upcoming Annual General Meeting on March 26, 2025, may shed light on the impact of these Russian transactions.
Raiffeisen Bank International (RBI) faces criticism for allegedly supporting Russia amid the ongoing conflict, particularly through its involvement in banknote trading. The bank asserts that cash shipments to Russia ceased immediately after the war began on February 24, 2022. Despite the challenging security environment, RBI will continue to supply Ukraine with foreign currency banknotes to bolster its financial system.
The sanctioning of the Russian central bank in 2022 has prompted central banks in nations not fully aligned with the US to seek ways to reduce their dependence on US assets. This shift is complicated by the unmatched depth and liquidity of the US government bond market.
Russian internet firm VK reported a net loss of 94.9 billion roubles (US$1.13 billion) for 2024, nearly tripling the previous year's loss of 34.3 billion roubles (US$405.7 million). The company attributed this increase to higher spending on content creation, attracting content creators, and investments in technical equipment and staffing, all aimed at driving audience growth. The financial results were disclosed on March 20, 2025, with an exchange rate of 84 roubles to the US dollar.
JPMorgan analysts predict that Russian stocks are unlikely to rejoin MSCI global equity indexes before 2027, dismissing the two-year timeline starting in June as overly optimistic. Russia was removed from these indexes in March 2022 following its invasion of Ukraine. Despite rising interest in Russian assets, the geopolitical situation remains tense, with both Russia and Ukraine accusing each other of violating a ceasefire agreement.
Lara Warner, head of compliance at Credit Suisse, faces a 100,000 franc fine for failing to report an $8 million payment from Mozambique as potential money laundering. Despite her involvement in controversial loans linked to Greensill and Archegos, she retained her position after Tidjane Thiam's resignation. A police raid on Warner's property has led to an investigation by the Zurich public prosecutor's office.
Barclays has downgraded PepsiCo, Inc. to Equalweight from Overweight. The company is a global leader in non-alcoholic beverages and snacks, with net sales primarily from North America (60%), followed by Europe (15.1%), Latin America (12.8%), Africa/Middle East/South Asia (6.8%), and Asia/Pacific/Australia/New Zealand (5.3%). Key brands include Aquafina, Gatorade, Lay's, and Doritos, with the U.S. accounting for 56.3% of net sales.
Gold prices remain near record highs, hovering around $3,000 an ounce, driven by safe haven demand amid trade tariff uncertainties and geopolitical tensions in the Middle East. UBS has raised its price target for gold to $3,200 per ounce, reflecting increased investor interest in gold ETFs as a stable investment during turbulent times.Copper prices are steady, supported by expectations of stimulus measures from China, while concerns over potential U.S. tariffs on copper imports could tighten supplies.
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