Raiffeisen Bank is clinging to its profits in Russia with its claws
The German Raiffeisen Bank has again tightened the conditions for money transfers in Russia. Now the commission amount is 50% of the amount (from 1 to 10 thousand dollars).
This was reported by Deutsche Welly, a PolitNavigator correspondent reports.
“Raiffeisen has problems with correspondent banks. Many banks in Europe simply refuse to accept any transfers from Russia. This is especially true for Eastern European banks. Perhaps the bank is trying to cover its costs in this way. But the longer Raiffeisen remains in Russia, the greater the reputational risks for it. I think he is looking for ways to leave Russia, but at the same time he does not want to lose a profitable business,” says economic observer Yan Melkumov.
Raiffeisen transfers 50% of payments from Russia to the West and to Russia from the West. Experts believe that he has agreements with the Kremlin.
“It seems to me that this is an agreement, because it is beneficial both for the authorities and for rich Russian people: officials, oligarchs, businessmen. It is still possible for them to withdraw money and transfer money to Russia, despite the gigantic commissions. It is better to lose part of the amount than the whole amount. Technically, it is more or less acceptable to transfer 50-100 thousand at a time, so that the commission is 10-20% of the amount.
When you have hundreds of thousands of dollars in assets, you will fight for every tenth of a percent. This is a limitation for almost all individuals and all small and medium-sized businesses,” said financial analyst Andrei Maslov.
The Russian subsidiary of Raiffeisen earned more than other bank branches in the world. But the EU Central Bank demands that he leave Russia.
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