Raiffeisen Bank Expects ECB Request to Speed Up Business Reduction in Russia -- Update

Raiffeisen Bank International said it expects the European Central Bank to make a request for it to reduce its exposure to Russia in a more timely fashion, after Raiffeisen slowly curtailed operations but never left the country following its invasion of Ukraine. The Austrian bank said Thursday that it expected the ECB to issue such a request in the near term. Unlike countless Western businesses, Raiffeisen opted to maintain operations in Russia after the war broke out in February 2022.