{"id":14391,"date":"2025-04-18T06:07:44","date_gmt":"2025-04-18T06:07:44","guid":{"rendered":"https:\/\/infundpros.com\/?p=14391"},"modified":"2025-04-18T06:07:44","modified_gmt":"2025-04-18T06:07:44","slug":"raiffeisen-halts-sale-of-russia-unit-amid-us-thaw","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14391","title":{"rendered":"Raiffeisen halts sale of Russia unit amid US thaw"},"content":{"rendered":"<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=8b5c05b5-c6bf-4e11-9be1-e28f576b472a&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Raiffeisen Bank International, the largest western bank still doing business in Russia, has halted attempts to sell its unit in the country amid a rapprochement between Washington and Moscow, according to people familiar with the situation.<\/p>\n<p>RBI has been under pressure from regulators and foreign governments including the EU and US to sell its Russia business following President Vladimir Putin\u2019s full-scale invasion of Ukraine in 2022.\u00a0<\/p>\n<p>The already-complicated sale was further stymied in September after a Russian court froze the shares of Raiffeisen bank\u2019s Russian subsidiary and in January put the bank on the hook for \u20ac2bn in damages. RBI said at the time that the legal battle had put a freeze on the transfer of any ownership of shares in its Russian arm.<\/p>\n<p>But RBI took the decision in February to pause sale efforts as Moscow and Washington began to re-engage politically, according to two people with knowledge of the negotiations. <\/p>\n<p>One of the people familiar with the talks said global uncertainty as well as the changing relationship between the US and Russia were behind the halt. \u201cIt is in order to assess the situation and if the position of the US might change,\u201d they said. <\/p>\n<p>A third person said efforts to seriously sell had \u201cceased\u201d for now but the situation internally could change again. They declined to say if geopolitical events or the court case were behind the pause. <\/p>\n<p>RBI said in a statement its sale process \u201cis ongoing\u201d but added the court case had stopped the execution of any deal. <\/p>\n<p>\u201cAt the moment RBI\u2019s shares in Raiffeisen bank Russia are blocked and a transaction would therefore not be possible at this point in time,\u201d it said. Efforts to wind down the business were still under way in line with the requirements of the European Central Bank, RBI said. <\/p>\n<p>A pause in the sale process comes as the US \u2014 which had warned the Austrian bank it risked having its access to the American financial system curtailed because of its Russia ties \u2014 has shown serious interest in resuming economic co-operation with Moscow.\u00a0<\/p>\n<p>Steve Witkoff, Trump\u2019s special envoy, said the US and Russia were discussing \u201cvery compelling commercial opportunities\u201d after he met Putin last week for the third time this year.<\/p>\n<p>Authorities and governments had grown impatient with the Austrian lender which had continued to operate in the country even three years after the invasion. Last year, the European Central Bank ordered RBI and other European banks still operating in Russia to accelerate efforts to scale back their businesses there if they were unable to sell them.<\/p>\n<p>RBI has made efforts to shrink its lending activity in Russia and stop taking on new customers but has retained a larger business there than rivals. <\/p>\n<p>However, the court case has hit its earnings. RBI reported a net loss of a net loss of $926mn in the fourth quarter of 2024 \u2014 its first quarterly net loss in nine years due to a large impairment charge related to the Russian court ruling. Its appeal is set for April 24.\u00a0<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/8b5c05b5-c6bf-4e11-9be1-e28f576b472a\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14391","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Raiffeisen halts sale of Russia unit amid US thaw | inFundPros<\/title>\n<meta name=\"description\" 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