Austria refuses to act on Raiffeisen’s alleged sanctions violations

This is evidenced by documents published by the Austrian Ministry of Finance in August.

In a letter to the President of Austria in response to a parliamentary inquiry, Finance Minister Dr. Markus Marterbauer publicly confirmed that the Austrian National Bank (OeNB), the body responsible for enforcing sanctions in Austria, had ‘investigated’ the investment activities of Raiffeisen Management Company (formerly Raiffeisen Capital), a russian asset management company owned by RBI's russian subsidiary, and concluded that ‘no further action is necessary’ against RBI.

RBI's russian operations, which in 2024 generated more profit than all other Western banks in russia combined, came under public scrutiny again in March following an investigation by BankTrack and B4Ukraine. The investigation found that RBI's russian asset management company had purchased bonds issued by the russian Ministry of Finance in late 2024, putting its parent company at risk of violating EU sanctions on russian sovereign debt. Since then, RBI has repeatedly refused to provide journalists with detailed information about the activities of Raiffeisen Management Company, and all financial reports have been removed from the subsidiary's website.

Source: Business & Human Rights Resource Centre