Russia

The Russian division of Austrias Raiffeisen Bank will start charging 50% commission on all incoming United States dollar transfers, the bank announced Monday in a statement, citing unspecified market conditions.The bank is forced to limit the number of incoming transfers in United States dollars due to changing market conditions.
We encourage customers to use other payment methods, the bank said in a statement, without providing further details.The minimum commission charged will be $1,000, up to a maximum of $10,000.
The new rules will come into force on Sept.
1, the bank said, and will apply to incoming transfers from other banks.A combination of Western sanctions and Russian countermeasures have made it either impossible or increasingly expensive for Russia-based banks to deal with United States dollars.Several Russian banks were kicked off the SWIFT financial network and banned from dealing in Western currencies following the country's February 2022 offensive on Ukraine.
In addition, Moscow has imposed strict controls on the use of foreign currency, restricting cash withdrawals in dollars and euros to those who held open accounts before the start of the war and putting a $10,000 limit on the amount of hard currency that can be physically taken out of the country.Raiffeisens move comes as reports suggest the Kremlin is considering a tightening of capital controls in its bid to sustain the value of the Russian ruble.
The currency slid below 100 against the United States dollar last week in volatile trading, triggering the Central Bank to hike interest rates to 12% in an emergency meeting.The Austrian bank which was the largest foreign bank operating in the country before the invasion had spent years building up its Russian operations.
It specialized in servicing European companies, their foreign workers and other high-end international clients, but had started aggressively building up its portfolio of Russian domestic business clients in the years before Moscow invaded Ukraine.Its Russian unit was seen as an ultra-profitable jewel in the groups international crown, providing steady, reliable and strong profits despite headwinds for the banking sector in Raiffeisens core markets in Europe.In an interview with The Moscow Times in 2019, a Raiffeisen Bank executive said the Russian unit consistently had the highest profitability of any subsidiary and was considered by top management in Vienna a strategically important part of the business.
That performance continued through the war, with the lender reporting 301 million euros in earnings from Russia in the first quarter of 2023 40% of the banks entire profit during the period.Raiffeisen previously announced plans to gradually exit Russia, but has not yet offloaded its operations and has been accused by campaigners of only paying lip service to its intention to quit the market.
Other foreign lenders, such as Frances Socit Gnrale, took significant losses in 2022 as they sold off or abandoned their Russian assets.





Unlimited Portal Access + Monthly Magazine - 12 issues


Contribute US to Start Broadcasting - It's Voluntary!


ADVERTISE


Merchandise (Peace Series)

 


Lavrov Names Sanctions Relief and Return of Frozen Assets as Preconditions for Ukraine Ceasefire


[Russia] - Former Russian National Guard Official Arrested on Bribery, Abuse of Power Charges


[Russia] - Black Sea Oil Spill Reaches Abkhazia's Shores


[Russia] - Russian Anti-Terrorism Police Warn of Foreign Spying Disguised as Photo Contests


Russian Army Says It Seized First Village in Ukraine’s Dnipropetrovsk Region


[Russia] - Former Transportation Minister Roman Starovoit Found Dead With Gunshot Wound After Being Sacked by Putin


[Russia] - Russia Targets Emigres in Kazakhstan With Back Tax Demands


Ukrainian Drone Attacks Trigger Major Flight Disruptions at Russia’s Busiest Airports


[Russia] - New Details Emerge in Bribery Case Against Rusagro Founder


[Russia] - Far-Flung Kamchatka Peninsula Restricts Mobile Internet to Thwart Alleged Ukrainian Sabotage


Rosstat Stops Publishing Monthly Population Data Amid War Deaths, Demographic Crisis


[Russia] - Russian Gold Mining Tycoon Barred From Leaving Country Amid Nationalization Efforts


Putin Sacks Transportation Minister Roman Starovoit


[Russia] - Ukraine Says 4 Killed, Over 30 Wounded in Russian Strikes


Russia Says Captured 2 More East Ukraine Settlements in Donetsk and Kharkiv Regions


UN Condemns Russia's Largest Drone Assault on Ukraine


Trump Says He’s ‘Very Unhappy’ With Putin Call, Hints at New Sanctions


Russia Removes Peace Symbol from School Textbook Cover


[Russia] - Head of Moscow Region's Azerbaijani Diaspora Stripped of Russian Citizenship


Russia Adds 14-Year-Olds to ‘Terrorists and Extremists’ List


[Russia] - What Ukraine Is Missing as U.S. Holds Back Air Defense and Battlefield Weapons


[Russia] - Russian Firms Seek North Korean Translators to Support Influx of Workers


[Russia] - Dutch and German Intelligence Say Russia Increasingly Uses Chemical Weapons in Ukraine


[Russia] - Russia Carries Out 8th Prisoner Exchange With Ukraine Since Istanbul Talks


[Russia] - Professionals: Russia Recognizing Taliban Rule in Afghanistan Largely a Symbolic Move


Storm Batters St. Petersburg With High Winds, Rising Water Levels


St. Petersburg Naval Parade Canceled Over Security Concerns – Fontanka


[Russia] - Russian Car Market Expected to Contract by 24% This Year


[Russia] - Transneft Vice President Dies in Apparent Fall From Window, Reports Say


Russia Launches Largest Air Attack Since Invasion as Ukrainian Drone Strike Kills Woman in Rostov


Russia Becomes First Country to Recognize Taliban Government


Chechnya's Dependence on Federal Funding Hits New High


No Way Home: The Exiled Russian Speakers Fighting Their Own War in Syria


[Russia] - Russian Tycoons Earn Record $20 Billion in Dividends Amid Recession Worries


[Russia] - Russians Report Nighttime Police Raids in Azerbaijan as Tensions Flare


Former Kremlin-Backed Mayor of Luhansk Killed in Explosion


Putin Congratulates Trump on U.S. Independence Day During Hourlong Call


[Russia] - Russian-Made Jet Prices Soar as Moscow Struggles to Ditch Boeing and Airbus


Teen Facing Death Threats From Family Disappears in Ingushetia, Rights Group Says


Britain Links Azerbaijani Traders With Rosneft Ties to Russia’s Shadow Fleet


[Russia] - Russian Deputy Navy Commander Killed in Kursk Region


Russia Moves to Nationalize Country’s Third-Largest Gold Mining Firm


Orenburg Mayor Resigns to Continue Military Service in Ukraine


Durov Hints at Anti-Telegram Smear Campaign as Russia Readies Homegrown Competitor


FSB Arrests Woman Who Tried to Place Bomb Under Defense Worker’s SUV


[Russia] - Elderly Woman Killed in Ukrainian Drone Strike on Lipetsk Region


Emergency Contraceptives Disappear from Russian Pharmacies – Vyorstka


[Russia] - Putin Signs Decree Seeking to Lure Foreign Investors Into Russian Stock Market


Khakassia Governor Vetoes Local Government Reform Bill


[Russia] - From Plane Crash to Deadly Arrests: What's Behind the Russia-Azerbaijan Standoff


[Russia] - Kids of Russian Soldiers Increasingly Placed in State Care, Regional Officials Say


Russian Companies See Sharp Rise in Wage Arrears


Putin Praises Kyrgyzstan for ‘Special Status’ of Russian Language


Azerbaijani and Russian Investigators in ‘Constant Contact’ Amid Diplomatic Crisis


Russia’s Natural Gas Exports to Europe Plunge to Historic Lows


Security Forces Raid Russia's Third-Largest Gold Producer Over Environmental, Safety Violations


[Russia] - Kremlin Welcomes Halt in U.S. Arms Shipments to Ukraine


Fatal Car Crash Sparks Anti-Roma Protests in Saratov Region


Foreign Automakers Scale Back New Model Launches in Russia


Anti-War University Student in St. Petersburg Released From Prison


Russia Eyes Industrial Levy to Shield Domestic Producers and Plug Budget Gaps