VIENNA, May 29, 2024 – In an unexpected move, the Russian subsidiary of Austrian banking group Raiffeisen Bank International (RBI) has announced that it will no longer process outgoing USD transfers. The decision will take effect on June 10th and is reportedly due to changes in requirements from correspondent banks responsible for USD transactions.
Customers of RBI’s Russian subsidiary will only have until June 7th to initiate USD transfers, the bank further announced. Incoming USD transfers and transfers in other foreign currencies are not affected by the decision.
The blocking of outgoing USD transfers is one of the most radical measures taken by RBI’s Russian subsidiary in international banking since the start of Moscow’s invasion of Ukraine. In the past two years, the conditions for such transfers have been repeatedly tightened, but they have always remained possible.
The group’s decision comes at a time when foreign banks operating in Russia are facing increasing international pressure, particularly from the US.
