The Maltese Herald can confirm that Raiffeisen Bank will not be sanctioned in the EU’s upcoming 19th sanctions package against Russia, but recitals will once again urge banks and companies to divest their business from Russia. Austria will also not receive a derogation to exempt Raiffeisen Bank from doing business in Russia.
Austria is pressing EU partners to approve a sanctions derogation that would allow frozen Strabag SE shares that are linked to sanctioned Russian businessman Oleg Deripaska, to be transferred to Raiffeisen Bank International to comply with a Russian court judgment.
There was nearly unanimous opposition at the European Council against this proposal. However, diplomatic sources in Brussels have also told us that it is highly unlikely that Raiffeisen Bank will be sanctioned by the EU as the EU does not intend to sanction its own banks. The EU is instead conducting internal pressure over Austria to force Raiffeisen Bank to divest from its business in Russia.
Alkagesta, an Azeri oil trader based in Malta that has been accused of trafficking Russian oil, makes use of Raiffeisen Bank. Raiffeisen Bank is an Austria bank and is largest bank in the EU that is still doing business in Russia.
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