From: New Voice of Ukraine 🇺🇦 Raiffeisenbank, the largest foreign bank still operating in Russia, will stop processing outgoing foreign currency transfers for individual clients starting Sept. 2, Frank RG reported on Aug. 14.
The decision follows instructions from Raiffeisen’s parent company, Austria-based Raiffeisen Bank International (RBI), which was acting on orders from the European Central Bank.
“We regret any disruption this may cause to your financial plans, but we cannot influence this decision,” the bank said.
Further restrictions on Raiffeisenbank’s operations in Russia may follow, including a potential shutdown if regulatory requirements aren’t met.
The deadline for initiating foreign currency transfers abroad is Aug. 30. After that, the bank will no longer accept requests from clients.
Raiffeisen Bank International has been facing pressure to wind down its business in Russia. In May 2024, RBI announced that it would begin exiting the Russian market by the third quarter of the year, as required by the European Central Bank.
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