RBI Tightens Correspondent Banking Ties in the CIS and Russia
The Austrian banking group Raiffeisen Bank International (RBI) has decided to scale back its correspondent relations with banks in the Commonwealth of Independent States. In response, Kazakhstani credit institutions have begun applying sector-specific restrictions to payments routed through RBI’s correspondent accounts. A bank representative described these moves as part of RBI’s broader effort to tighten the conditions surrounding correspondent accounts.
Public reporting indicates that Halyk Bank, the largest bank in Kazakhstan, implemented limitations on payments linked to certain sectors as RBI strengthened its controls on correspondent relationships. The spokesperson noted that other RBI clients in Kazakhstan followed suit, reflecting a common adjustment across the RBI network in the region.
According to a Halyk Bank representative, the correspondent account in question continued to operate normally. RBI emphasized that both banks retain a long-standing, cooperative relationship despite the new restrictions, underscoring ongoing mutual ties in the Kazakhstani banking landscape.
On May 5, RBI management decided to terminate correspondent relations with all Russian banks, with the sole exception of a local RBI subsidiary in Russia. Earlier in the year, RBI’s activity in the Russian market had contracted as the bank reduced its footprint there. The decision was framed within the context of ongoing international sanctions and the difficulties encountered in conducting business under a complex geopolitical environment, as outlined in RBI’s first-quarter financial statements. The document indicates that RBI intends to continue its policy of gradually decreasing its non-core exposure in Russia while maintaining essential operations where feasible.
Industry observers note that RBI’s approach reflects a broader strategic realignment among European banks navigating sanctions regimes and evolving regional risk profiles. In Kazakhstan, lenders are balancing their own risk controls with the need to preserve critical correspondent banking capabilities for legitimate trade and financial flows. Market participants stress the importance of transparency, compliance, and steady cooperation among correspondent partners to minimize disruption for clients who rely on cross-border payments for everyday business activities [RBI briefing, Halyk Bank statement].