2023-06-21 12:26:00
Even within Russia, euros might only be transferred between accounts in one’s own bank, the subsidiary bank of Raiffeisen Bank International (RBI) explained on its website on Wednesday. Specifically affected by the new measure are euro transactions to Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Uzbekistan, Jordan and the United Arab Emirates. The bank informed that it would no longer be possible to transfer euros from accounts of Raiffeisenbank Russia to the customer’s own accounts in these countries.
The measure was justified by unspecified “restrictions” on the part of the correspondent banks of Raiffeisenbank Russia. “RBI has repeatedly said that it wants to further reduce business in Russia. This is another measure,” explained an RBI spokeswoman in Vienna on Wednesday when asked by APA. She left unanswered the question of whether only RBI, as the most important correspondent bank of its Russian subsidiary, or whether all correspondent banks of Raiffeisenbank Russia in the euro zone had made specifications in this regard. In addition to RBI, the Russian bank names Société Générale in Paris, Erste Group Bank AG in Vienna, Commerzbank AG in Frankfurt and DZ BANK AG in Düsseldorf on its website.
Only Chinese yuan or Russian rubles
“It seems that trips by US and EU officials to the countries of the Commonwealth of Independent States (CIS) and neighboring countries have now shown results,” commented the Russian banking specialist Telegram channel MarketOverview on Wednesday. In the future, customers of Raiffeisenbank Russia will only be able to transfer Chinese yuan or Russian rubles to the affected countries, the channel explained.
After Raiffeisenbank Russia has played a growing role in transfers since 2022 due to the sanctions-related exclusion of many Russian banks from the SWIFT system and was also exposed to international criticism for this, it has repeatedly imposed restrictions on foreign currency transfers in recent months. At the beginning of April, for example, the minimum amount for dollar and euro transfers abroad was increased from 10,000 to 20,000 dollars or euros. Shortly before, the parent company Raiffeisen Bank International (RBI) in Vienna announced that it was aiming to sell or spin off its Russian business.
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