Austrian Raiffeisen Bank International was inspired by the Russian Federation after invasion of Ukraine. Nowadays, he is making money from companies that supply the army of Volodymyr Putin.
RBC-Ukraine reports this via Bloomberg.
< p>Russian pet Raiffeisen deducting over 62 million rubles (620 thousand dollars) as fees for his services to one Russian chemical company Torik, show bank statements and other documents. This company supplied the authorized company with ingredients necessary for the production of military systems.
European authorities, familiar with the documents, seem to believe that the bank has other clients who will benefit from the Russian military industry after Putin has transferred his economy on military rails.
Growing profits
Just as Putin's missiles were attacking Ukrainian civilians and critical infrastructure, Raiffeisen withheld more than €1 billion in profits after paying taxes on its Russian I paid for the first three quarters. This amounted to at least 50% of the profit taken by the group, and more than doubled it, earning two more years before the invasion. During that same nine-month period, the bank paid Russia 277 million euros in taxes.
The bank cannot transfer assets to the parent company in Austria, without regard to increasing profits. The control over capital imposed by Moscow means that Raiffeisen cannot deny access to profits through its rich fortunes and, as a result, has accumulated 4.4 billion euros of excess capital that is stuck with Russia.
This poses a serious dilemma to the bankers, whose market capitalization will reach close to 7 billion euros. On the one hand, they faced possible shock from spending their most profitable subsidiary companies, and on the other hand, from the pressure on the side of regulatory authorities.
The bank was crushed under pressure from the side American regulators and the European Central Bank to speed up the exit. Raiffeisen also operates one of the largest foreign banks in Ukraine.
UniCredit SpA and the Ukrainian OTP Bank Nyrt join the ranks of many other foreign banks still operating in Russia, just as Societe Generale SA recognized its surpluses and immediately after the large-scale invasion 2022 born. ING Groep NV announced sales of its product on September 28, saying that it expects to record a surplus of 700 euros. Goldman Sachs Group rejected Moscow's praise for the sale of its Russian subsidiary.
Planning bombs
Bank statements of the Russian chemical manufacturer Unichim, which is not subject to sanctions, show that he paid Raiffeisen commissions, as well as expenses for transfers and service fees accounts and fees associated with foreign exchange transactions.
The records also show that Unichim supplied acid from the Russian company Rawenstvo, which is under sanctions, okrem for the Russian bureaucrat project, which, behind the words of European officials, dismantles and modernizes platforms and ammunition for multiple launch rocket systems and glider bombs.
Rawenstvo is dismantling and deploying navigation radar systems, according to the US Department of the Treasury. The company is a subsidiary of the sanctioned state concern Granit-Electron, which produces key elements of missile systems, such as automatic control systems and electronic warfare systems for the Russian fleet.
Behind the data The US Department of the Treasury, Rawenstvo's parent company, Granit-Electron Concern, is affiliated with the Tactical Missile Armor Corporation, a national defense conglomerate that operates a wide range of armored systems in Russia Vikorist is against Ukraine. All three companies were previously subject to sanctions from the United States after the Russian invasion, and are also subject to EU regulation.
The Unichim company was created in 2019 St. Petersburg has a license for the supply of chemicals.
It seems that the Russian court has praised the payment of over 2 billion euros in compensation to the largest to a bank in Russia, Austrian Raiffeisen Bank International, praising the landmark decision, which reinforces the insecurity of doing business in Russia.
