The European Parliament did not agree on an amendment to set a deadline for Raiffeisen’s departure from the Russian Federation

The European Parliament, at a plenary session in Brussels, adopted a resolution on strengthening the effectiveness of EU sanctions against Russia. However, deputies did not agree on an amendment calling on the EU to set deadlines for the withdrawal of foreign banks, including Raiffeisen, from the Russian market.

The meeting was broadcast on website European Parliament. The amendment proposed by the faction of the European group of conservatives and reformists ECR Group was supported by 89 deputies. 441 deputies voted against, another 55 abstained.

In March, the European Central Bank demanded that Raiffeisen Bank International (RBI) close its business in Russia. Following this, the bank announced plans to sell the local unit. RBI Governor Johann Strobl said in October that the process of leaving the Russian market would not be completed until the end of 2023. He named the withdrawal of the Russian subsidiary from the international group as a backup option.

Read more in the Kommersant FM article “Leaving added hassle.”

Lusine Balasyan