Raiffeisen Bank’s clients include firms supplying the Russian military as it continues to wage war on Ukraine, Bloomberg reported Monday, citing bank statements and other documents it obtained.
The Austrian bank, which operates the largest Western-owned banking branch still active in Russia since the invasion of Ukraine, is effectively stuck in the country despite pressure from the U.S. and the European Central Bank to withdraw.
According to Bloomberg, Raiffeisen’s Russian unit received over 62 million rubles ($620,000) last year for its services from chemical company Unichim, which supplied the sanctioned firm Rawenstvo with materials needed to produce military systems.
It is “almost certain” that Raiffeisen has other clients supplying the Russian military-industrial complex, Bloomberg cited anonymous European officials familiar with the documents as saying, as President Vladimir Putin has placed the country’s…
