Raiffeisen Bank International (RBI) has categorically denied allegations of sanctions circumvention after US company Grizzly Research published a report accusing the Austrian lender’s Russian subsidiary of facilitating more than $1 billion in trade involving restricted goods. The bank’s shares fell as much as 9% following the report’s release .
Grizzly Research, a New York-based company led by Siegfried Eggert, claims to have identified $1.19 billion in Russian trade linked to RBI’s subsidiary AO Raiffeisenbank through customs records carrying the bank’s registration code. According to the report, this includes goods subject to EU, US, UK, and Swiss sanctions and export controls, including items on the Common High Priority List that Western governments consider critical to Russia’s war effort.
Grizzly Research also alleges undercover conversations with Raiffeisen managers in Russia revealed a willingness to facilitate transactions involving Iran and drone fundraising, exposing what Grizzly describes as a gap between the bank’s public compliance assurances and its staff’s guidance .
RBI issued a statement rejecting the report’s findings, saying it “categorically denies the allegations” and is reviewing legal options against the authors . The bank identified several factual errors: the report names customers that AO Raiffeisenbank had voluntarily terminated and blocked before their designation as sanctioned entities, and identifies companies that were “never customers of RBI or AO Raiffeisenbank at any point”.
RBI also challenged the report’s treatment of Liquidity Coverage Ratios, stating that its Group LCR of 136% as of June 30, 2026, already includes “conservative adjustments” that exclude over €7 billion of AO Raiffeisenbank’s high-quality liquid assets from the calculation.
The Grizzly Research Profile
Grizzly Research LLC is owned and operated by Siegfried G. Eggert, whose firm conducts forensic accounting analysis, background checks, and on-the-ground due diligence through a US-based analyst team and private investigators.
Russia Exit Plans
RBI has pledged to exit Russia for years but has been unable to complete a sale. Incoming CEO Michael Höllerer, who took over from Johann Strobl on July 1, 2026, has pledged to accelerate the deconsolidation process.
The exit requires approval from Russian authorities. The bank reported its Russian business posted a net loss of €86 million in 2025, while the wider group delivered a consolidated profit exceeding €1.4 billion.
