Raiffeisen’s Russia assets hit new high at end-2021

The Austrian lender kept growing its balance sheet in the country even as Moscow’s manoeuvres put it on a path to all-sweeping sanctions

Raiffeisen Bank International’s (RBI) Russia assets grew to the highest point in at least a decade in the last quarter of 2021 – just as the US and allies began warning they would impose crippling sanctions on the country in the event of an invasion in Ukraine.

The Austrian bank – one of Europe’s most exposed to Russia – reported €18.7 billion ($20.6 billion) of assets allocated to Russia as of end-December, up 8% from three months prior and the most since at least Q4 2011. At constant exchange

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