Raiffeisen Faces A New Problem Due To Its Russian Operations
- 17.09.2026, 13:40
Ties to Russia are taking a toll on companies' most valuable resource.
Raiffeisen Bank International (RBI) shares plummeted following the release of a report by Grizzly Research on the bank’s Russian transactions. During trading in Vienna, RBI shares lost about 8%, and the decline later reached 9%, according to Bloomberg.
Grizzly Research stated that it had opened a short position in the bank’s shares and uncovered Russian trading operations linked to RBI totaling approximately $1.19 billion. These involve goods subject to sanctions imposed by the EU, the U.S., and the U.K.
Raiffeisen continued to facilitate transactions related to the Russian market, even though the bank itself claimed to have wound down its business in Russia.
However, the investigation itself does not prove that Raiffeisen violated sanctions. The data presented by Grizzly is based on customs statistics from 2022 through early 2025 and reflects the value of registered transactions, but does not directly confirm that payments were made or that these transactions were financed.
“We have uncovered a previously unknown dependence of RBI on its Russian business,” Grizzly Research stated, casting doubt on the bank’s role in a possible circumvention of sanctions.
Raiffeisen has rejected the allegations. The bank stated that its compliance systems have undergone repeated audits and that the Grizzly report contains factually incorrect and misleading claims.
The main risk for RBI now extends beyond investor reaction. Analysts point to the possibility of increased scrutiny from U.S. and European regulatory authorities. This could further complicate the bank’s attempts to exit the Russian market.
Raiffeisen has been scaling back its operations in Russia for several years, but the bank has not yet managed to fully exit this market. The new allegations have once again drawn investors’ attention to the risks that the financial group’s ties to Russia pose.
For Raiffeisen, this is no longer just a matter of stock prices, but also of the trust of customers, investors, and government agencies.