2024-08-15 08:25:27
Raiffeisenbank told Frank Media that as of September 2, 2024, Raiffeisenbank will stop providing foreign currency transfers for all categories of personal customers, except for a limited number of corporate customers in large and international businesses. According to operators, SWIFT shipments are already restricted: transfers cannot be made within Russia and the CIS countries, banks do not perform transfers in US dollars, and the minimum transfer threshold in euros is 20,000 euros.
“The limit has been introduced in line with the decision taken by the Reserve Bank of India Group on the instructions of the European Central Bank. We apologize if this situation has disrupted your financial plans, but we cannot influence this decision. Another operator It was clarified to Frank Media reporters that if the bank does not have time to reduce its Russian operations to the numbers required by the European Central Bank, then other products may be closed “to meet the requirements” so that by the end of the year the bank can reach the required numbers and “not be closed”
The bank noted that all currency transfers correctly executed and accepted by the bank for execution before 16:00 Moscow time on August 30, 2024 will be processed according to current conditions and restrictions. These changes do not apply to ruble cross-border payments. Banks will continue to accept foreign currency transfers. The commission for remittances of U.S. dollars from other banks is 50%, and the commission for remittances from currencies other than U.S. dollars is 500 rubles.
“Over the past two years, correspondent banks have continued to tighten review procedures and reduce limits on the number of outbound transfers. We continue to adapt to changing needs while still providing these transfers to our customers. Over the next two weeks, we will focus on Intensive processing of cross-border payments and support for our customers,” Buckner News Services told Frank Media.
Previously, following instructions from European regulators, Russia’s Raiffeisen had announced the reduction of a full range of services. For example, in July Raiffeisenbank stopped Open a new brokerage account and deterioration Old Conditions, August—— pause Allow retail investors to buy and sell renminbi and renminbi bonds, and in September closure All of them BPIF. In addition, from July 1, credit agencies stopped Calculate interest on savings accounts. Before Raiffeisenbank report Reduce lending volumes to comply with ECB directives. “In practical terms, this means that credit policies will be tightened in the coming months and approval rates will drop significantly, but there is no talk of a complete stop to lending,” the news department noted.
Austrian banking group Raiffeisen Bank International in second quarter 2024 report warnIt said that in accordance with the requirements of the European Central Bank, the Bank of India will further reduce its operations in Russia. The organization noted that the first impacts on customers, such as payment restrictions, are already in effect, with additional measures to follow. The bank’s target business model is to focus on placing liquidity on ruble deposits with the Bank of Russia, and while Raiffeisenbank has strict restrictions on liquid FX trading, its current loan portfolio is amortized as contracts mature, “with rare exceptions. ”.
As early as 2022, Raiffeisenbank began its transition to a capital-light business model, which aims to reduce the impact of capital-intensive products such as loans on financial performance. The new model targets non-credit products and high-tech services. March 2023 become It is understood that the European Central Bank has increased pressure on the Bank of India and insisted that the Austrian bank speed up its exit from Russia. The group itself admitted that leaving the Russian market would be difficult and that it did not intend to sell the bank “at any price”.
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