Russia is demanding compensation for the withdrawal of foreign banks

The government in Moscow just wants to let the foreign banks go in exchange for something. “We have made our position clear and it still stands: We will be tough on letting foreign banks go, and it will depend on the decision to release Russian assets,” Russian Deputy Finance Minister Alexei Moiseev said at a forum on Friday.

When asked about requests to sell assets, he said that the Austrian Raiffeisen Bank had not made such a request. “I am aware of a request to sell assets from a foreign bank… which is under review by the government committee.”

RBI as the largest western bank

Western countries froze more than $300 billion in foreign assets held by Russia’s central bank when they imposed sanctions on Russia last year over the Ukraine attack. Russia’s largest western bank, Rafffeisen Bank International (RBI), has been exploring options to exit, sell or go out of business for several months. The Reserve Bank of India has been operating in Russia for 30 years and is the only foreign bank in the list of 13 systemically important credit institutions.

At the request of APA, the RBI confirmed once again that it was planning to sell or spin off the Russian bank. However, a spokesperson said on Friday evening that many permits from the Russian authorities and from the European Union are needed for this.