The closure of Raiffeisen Bank and UniCredit in Russia will lead to the fact that the Russian financial system will no longer be connected with the Western system. Auditor Maxim Gladkikh-Rodionov, general director of the auditing company Güven, spoke about this. transmits Pravda.Ru.
“Of course, this cannot be said to be good news, because the last link that connects our financial system with the global financial system, that is, the Western financial system, is being broken. “These banks were expected to go, and in general there is nothing good in this, but it happened as expected,” the expert said.
According to him, the market share occupied by these financial institutions in the Russian banking system is rapidly decreasing, but the Russian financial services market remains key and profitable for them. Raiffeisen Bank International announced that its Russian subsidiary brought more than half of the holding’s profits in 2023 (1.34 billion euros).
15 May Raiffeisen Bank International accepted Warning from the US Treasury Department. The regulator threatened the bank with limiting its access to the American financial system because of its presence in Russia. The US Treasury’s warning increases pressure on Raiffeisen, an important financial bridge for Russian citizens and companies to the West. Most international payments are made through an Austrian bank. Italian UniCredit also continues its operations in Russia.
Formerly Raiffeisen Reacted To threats against the United States due to their work in Russia.