Raiffeisenbank is tightening how it handles outbound transfers denominated in dollars to individuals, starting April 3. Access to such transfers will be restricted to clients of the Friedrich Wilhelm Raiffeisen division, who serve high-net-worth customers, and to subscribers of the Premium or Premium 5 service packages, through the end of February. This change comes as the bank seeks to align with correspondent banks’ limits on foreign currency payments, a move noted by observers on the industry-focused channels and information feeds.
Additionally, the bank is raising the minimum remittance amounts. From the same date, the smallest permissible outgoing transfer will be $20,000. Since March, the minimum for internet transfers has been increased to $10,000 or the equivalent in another currency based on the Central Bank rate, replacing the previous threshold around $5,000 to $10,000 depending on the transaction type and currency involved.
The bank stated that these measures are necessary to ensure compliance with the caps set by correspondent banks on the number of foreign currency payments allowed. A representative note released by Raiffeisenbank explained the rationale as a control measure to prevent breaches of partner banks’ risk tolerances and to maintain smooth cross-border payment flows.
Earlier reporting indicated that authorities in the European Central Bank were pressing for changes to Raiffeisen Bank’s operations in Russia. The ECB was reported to be asking for an actionable plan to limit the bank’s activities in the Russian Federation, with speculation that this could involve the sale or closure of the local Russian division. While no immediate withdrawal was demanded, the discussions signaled a move toward broader curtailment of the bank’s Russian footprint, according to sources familiar with the matter. Reuters has noted the ECB’s stance as part of its coverage of European financial regulatory actions and their impact on multinational lenders.
Some Austrian officials viewed the ECB’s posture as overreach, arguing that the agency’s expectations could complicate Raiffeisen’s strategic options. Yet others noted that the ECB is aiming to enforce a consistent regulatory posture across member banks operating abroad, with the potential to influence how Raiffeisen interacts with Russian market activities and how it manages associated risk exposures. These developments have been monitored by market analysts and political observers who emphasize the shifting regulatory landscape facing Western banks with operations linked to Russia and the broader sanctions environment. (Reuters)