Austria clears EU’s Russia sanctions after Ukraine removes Raiffeisen from blacklist

Austria supports the 12th EU sanctions package on Russia, after Ukraine removes Raiffeisen Bank International from a symbolic blacklist. The bank was the only Austrian company on the list.

byYuri Zoria

17/12/2023

2 minute read

A logo of the Raiffeisen bank in front of the Russian Ministry of Foreign Affairs in Moscow. File photo: TASS

Austria clears EU’s Russia sanctions after Ukraine removes Raiffeisen from blacklist

Austria has endorsed the 12th package of European Union sanctions on Russia. This decision comes following Ukraine's removal of Raiffeisen Bank International (RBI) from a symbolic blacklist, according to Ukraine's government website and an EU diplomat, Reuters says.

"Austria’s sanctions reservation is lifted,” an EU diplomat told Reuters.

Reuters: Austria seeks removal of Raiffeisen from Ukraine blacklist in exchange for Russia sanctions support

Austria had been advocating for the removal of RBI from Ukraine's list of "international sponsors of war," aimed at pressuring companies doing business in Russia. While the blacklist has no legal standing, it holds symbolic significance, putting pressure on RBI to withdraw from Russia, a step the Austrian bank has expressed willingness to take.

“The status is suspended for the period of bilateral consultations involving representatives of the European Commission,” the Ukrainian government website reported on Raiffeisen's status on 16 December.

Austria had sought the removal of RBI from the blacklist as a condition for approving the latest EU sanctions against Russia. RBI had previously intended to spin off its Russian business, which serves as a financial lifeline to numerous companies, in response to international regulatory pressures.

Raiffeisen was the only Austrian company on the list.