Raiffeisen Bank to bar Russians from transferring dollars abroad

Raiffeisen Bank's Russian business announced that payments in dollars will no longer be available to Russians from June 10 due to changes in the regulations of correspondent banks that make transfers.

Source: press release of Raiffeisen Bank

Quote: "Starting June 10, 2024, outgoing payments in US dollars will not be available due to the changed requirements of correspondent banks making such transfers. Unfortunately, we cannot influence this," the message says.

This change affects all bank customers. However, there are no restrictions on incoming payments in dollars. Additionally, the restrictions do not apply to payments in other foreign currencies.

Read also: Raiffeisenbank came close to the red line of helping Putin's oligarch to circumvent the sanctions. How to prevent Russia from unlocking assets?

Background:

• Beginning 1 June 2024, the Russian branch of Raiffeisen Bank will no longer open any forms of savings accounts.
• The chairman of Raiffeisen Bank International (RBI), Johan Strobl, announced in early May that in the summer of 2024, the banking firm will begin to comply with the directive of the European Central Bank (ECB) to drastically curtail activity in Russia.
• On 15 May, it was reported that Raiffeisen Bank International received a notice from the US Treasury Department saying that its access to the US financial system could be restricted owing to its business in Russia.
• The top Western banks remaining in Russia paid the Kremlin more than €800 million in taxes in 2023, four times more than before the full-scale invasion, despite commitments to decrease its Russia-related risks.

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