The banking group Raiffeisen Bank International (RBI) has announced the closure of correspondent accounts for all Russian banks, with the exception of its "subsidiary". "The reduction of the payment business continues. Correspondent accounts of banks in Russia are closed, with the exception of Raiffeisenbank Russia," the RBI's report on operating activities in the first quarter of 2023 states.
The report also states that RBI intends to get rid of its Russian "subsidiary": the group is working "towards the sale or spin-off" of Raiffeisenbank Russia in full compliance "with local and international laws, and in contact with all relevant bodies and departments".
In March of this year, the director of the Vienna Institute for International Economic Studies, Mario Holzner, suggested that the sale of Raiffeisenbank Russia would be delayed until 2024, and buyers could be banking structures from India or China.
The closure of correspondent accounts will further complicate the sending of SWIFT transfers from Russia, as well as the withdrawal of capital from the country. Interestingly, the RBI's decision is also linked to the strengthening of the ruble on May 5. Thus, the dollar fell by a maximum of 1.79 rubles to 76.26 rubles, the euro - by 1.95 rubles to 84.23 rubles.