The US is pressuring the biggest Western bank in Russia to cancel a $1.6 billion industrial investment [Business Insider]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
NASDAQ:AMEX Investor Relations:
rbinternational.com/ir
Company Research
Source: Business Insider
Shares in the bank fell as much as 16% Wednesday, as the planned deal could potentially lead to sanctions. The US has been stepping up pressure on foreign banks that facilitate transactions with Moscow. An Austrian bank's plan to repatriate $1.6 billion in assets still stuck in Russia is facing US pushback, on concern that the deal would breach Western sanctions. The Raiffeisen Bank International remains the biggest foreign-owned lender remaining in the country, as efforts to sell or spin off its Russian unit have struggled since Moscow's tightened exit requirements on foreign firms. The dealer offered a new strategy in December, planning to purchase shares in an Austrian construction company Strabag, originally held by Russian businessman Oleg Deripaska. The 28% stake would be facilitated through Raiffeisen's Russian subsidiary, after which the holdings would transfer to Vienna. The idea was touted as a way to unlock a portion of assets frozen in Russia, worth billions of
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