Raiffeisenbank and UniCredit have decided on plans to leave Russia, Vedomosti writes, citing company reports.
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Banking groups from Austria and Italy Raiffeisen Bank International (RBI) and UniCredit have decided on plans to wind down their business in Russia and leave the country.
UniCredit will significantly reduce its business in Russia by the end of the year, and Raiffeisen Bank will reduce its loan portfolio in the country by 65% by 2026, according to the order of the European Central Bank. This step will lead to restrictions in the work of Raiffeisenbank in the issue of cross-border payments and issuing loans.
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