The National Bank of Ukraine notes positive signals in the statement of the Raiffeisen Bank International (RBI) Group, announced following the results of the General Meeting on March 30.
Note that the statement does not contain a clear plan with specific steps and deadlines for their implementation, but it may indicate a transition from the search for “strategic options for the future” to the bank’s readiness for a real reduction in business activity in Russia and the implementation of decisions that will lead to a sale or separation or deconsolidation Raiffeisenbank Russia from the Group.
We express our hope that RBI Group, as a responsible member of the international financial community, will make efforts to implement these initiatives in the near future.
The Chairman of the National Bank addressed the RBI Supervisory Board before the General Meeting and urged the Group not to delay the decision on the bank’s withdrawal from the Russian Federation. He also drew attention to the unacceptability of Raiffeisenbank’s potential exit from the Russian Federation through the exchange of Raiffeisenbank’s assets with the sanctioned Sberbank in Austria.
The deal, which allows the Kremlin-owned bank to keep its blocked sanctions assets in Europe and return them to Russia to continue to support Russia’s economic stability and ability to wage war with Ukraine, does not stand up to any criticism, let alone a violation of sanctions restrictions , which will certainly require adjustment to ensure the implementation of the proposed plan.
Raiffeisen Bank in Ukraine, as a systemically important bank that contributes to maintaining financial stability in the country in the midst of war, has the support of the National Bank of Ukraine.
The bank’s participation in the development of the banking sector, economic programs and humanitarian projects is tangible and important.
The National Bank will continue to closely monitor the activities of banks that have working subsidiaries in the Russian Federation, and will continue to raise the issue of the presence of international banks on the Russian market in communication with sanctioning regulators of partner countries.