ECB is urging Austria's Raiffeisen Bank to accelerate its exit from Russia

The European Central Bank is urging Austria's Raiffeisen Bank to accelerate its exit from Russia. It has called on it to cut lending in Russia by 65% by 2026 compared to Q3 2023. It should also significantly reduce international payments from Russia. Raiffeisen Bank, the owner of Tatra banka, argues that the ECB's demands could have a negative impact on the Russian subsidiary's sale prospects. Raiffeisen Bank is the largest Western bank that still has a presence in Russia. It says it is seeking to sell Russian assets. Last year, it posted a €1.3bn profit there.

(news.at)