Raiffeisenbank, which is owned by Raiffeisen Bank International AG (RBI), has been closing cross-border transactions for Russians in foreign currencies since September 2, 2024.
The bank has been operating in Russia since 1996 and is one of the most reliable banks in Russia. In recent years, the bank has reduced its operations in Russia.
“From September 2, 2024, outgoing cross-border transfers in foreign currency will be unavailable to all our clients except for a limited number of large and international businesses. This is due to communication with the representative office of the RBI Group in connection with the provisions of the European Central Bank (ECB). We are trying to warn you as much as possible in advance taking into account constantly changing market conditions. You can still make a transfer in a foreign currency until August 30 at 16:00 Moscow time. There is a discount for individual clients on transfers in euros through Raiffeisen Online, with a commission of 1% on the transfer amount but not exceeding 500 euros,” the bank told its customers in Russia.
According to regulations of the European Central bank (ECB), Raiffeisen Bank is obligated to reduce its loan portfolio in Russia by 65% by the end of 2019 (at the beginning of the year, it amounted to EUR 5.8 billion).
