With the start of the Russian invasion in Ukraine almost three years ago, most Western banks withdrew from the largest country in the world. Raiffeisenbank International AG is one of the few who have stayed. Research by the “Bloomberg” has now come about that some of their customers are probably due to the Russian army.
The Russian company is very complex for Raiffeisen. On the one hand it is extremely profitable, but on the other hand you do not get the money in Vienna – because it is stuck in Russia. The reason: because of the sanctions against Moscow imposed by the West, Austria was also declared as an “unfriendly country” as revenge for this. That is why the AO Raiffeisen may not pay dividends to Raiffeisenbank International (RBI) in Vienna.
However, a withdrawal is particularly difficult because the Russian Raiffeisen in Russia is considered ‘systematically’. It is regulated by the central bank in Moscow. Only in certain cases is it possible to conclude bills – sanctions are therefore not included.
Civil companies are drawn in Russia
Since the Kremlin boss Vladimir Putin Russia has converted to a war economy, countless civil companies have been involved in military supply chains. This means that more and more companies are drawn into the armed conflict, so to speak. The full size and complications that are difficult to assess. “Bloomberg” leads the explanation of a government official: this was “almost certain” that the RBI has different customers who have made the Russian arms industry.
As part of a study by the financial instruction service “Bloomberg”, it was revealed that the Russian chemical group Unichim should be a RBI customer. The company itself is not on a sanction list. According to “Bloomberg” it was founded in 2019 and, for example, stimulates various chemicals used in medicine and the fertilizer industry. However, it is also said that Unichim has sent ingredients to a sanctioned company that is used in the production of military systems.
Through corners to ammunition
The Rawenstwo company is said to have received chemical products for a government project. According to European government officials, the platforms and ammunition should produce for sliding bombs and multiple rocket systems.
Van Unichim has cashed 62 million rubles (606,629 euros) in reimbursements. This includes transfer costs, committees, reimbursements for transactions in foreign currency and account management. Moreover, it is said that the RBI, such as “Bloomberg” writes, has carried out transactions of bank accounts at sanctioned banks. This includes Sberbank, Commercial Bank Solidarnost and VTB Bank. The suspicion of innocence applies to all participants.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
