Raiffeisen Bank continues to generate profit in Russia

Austrian Raiffeisen Bank continues to earn profits from its operations in Russia despite international sanctions, Bloomberg reports.

In the first three quarters of 2023, the bank's revenues in Russia exceeded $1 billion, accounting for approximately 50% of the group's total profit. During the same period, the financial institution remitted 277 million euros in tax payments to the Russian budget.

However, capital movement restrictions introduced in Russia prevent Raiffeisen from transferring its earnings to Austria. As a result, 4.4 billion euros in unused assets have accumulated in the Russian Federation, which the bank is unable to integrate into its global financial system.