The unit said the new restriction, which would not apply to some large and international businesses, was being imposed due to the group’s efforts to reduce its Russia exposure under pressure from European regulators.
“From Sept. 2, 2024, outgoing cross-border transfers in foreign currency will become unavailable for all the bank’s clients apart from a limited number of corporate clients in the large and international business sphere,” Raiffeisen Bank in Russia said.
“The restriction has been imposed in accordence with RBI Group’s decision in connection with ECB regulation,” the bank said. “The changes do not apply to cross-border payments in roubles.”
RBI said in April that it would be required by the ECB to further decrease its business in Russia by cutting back on loans to customers and paring back international payments from Russia by 2026.
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Reporting by Elena Fabrichnaya and Alexander Marrow;
Editing by David Evans
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