Raiffeisen's Russian unit pauses brokerage account openings under ECB pressure
MOSCOW, Aug 5 (Reuters) -The Russian subsidiary of Austria's Raiffeisen Bank International RBIV.VI said on Monday it had temporarily suspended the opening of new brokerage accounts as European regulators demand the group reduce its Russia exposure.
The European Central Bank has told euro zone banks still operating in Russia to cut their ties. ECB Banking Supervision has asked all banks with significant exposure to Russia to speed up their de-risking efforts by setting a clear roadmap for downsizing and exiting the Russian market.
"Due to the ECB's directive to RBI Group, Raiffeisen Bank is forced to reduce the volume of operations on the Russian market," Raiffeisen Bank in Russia said.
"At this stage, we decided to temporarily suspend the opening of new brokerage accounts from July 26, 2024, for retail investors."
The bank said existing accounts would be serviced as usual.
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.
Euro zone banks have more than halved their exposure to Russia since Moscow sent its troops into Ukraine in 2022. Raiffeisen has faced particular criticism as its Russian profits have soared, with Washington even warning RBI that access to the U.S. financial system could be curbed because of its Russia dealings.
Reporting by Reuters; Writing by Alexander Marrow
Editing by Gareth Jones
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