Raiffeisen Bank Helping Russia Circumvent Sanctions, Report Claims

By Reuters Sep. 17, 2026 The Raiffeisen Bank branch in Moscow. Shakko (CC BY-SA 4.0) Austria's Raiffeisen Bank International (RBI) is facing renewed scrutiny as the biggest Western bank still operating in Russia, after a short-selling firm alleged it was a key channel enabling more than $1 billion of Russian trade to circumvent sanctions. On Thursday, Raiffeisen said the report published by Grizzly Research was misleading and contained factual errors. Raiffeisen's bank in Russia is the biggest lender in the country not subject to sanctions, which have isolated local rivals, meaning it has become crucial for trade payments, including gas exports to Europe. Grizzly Research claimed the bank had become a "key channel" for getting around Western sanctions against Russia, involving trade of more than $1 billion and including some goods used in Russian weapons. "We stand by the strength of our compliance systems, which have been reviewed many times," Raiffeisen said on Thursday. The bank has said it has been trying for years to leave Russia, making a number of failed attempts to sell its local operations. It has reduced but never closed its business there. In 2024, U.S. authorities warned RBI that it could be prevented from accessing U.S. dollars due to its dealings with Russia, but never followed up on the threat. Grizzly said it had a short position on RBI's stock, which allows it to profit from a falling share price. The bank's shares fell as much as 9%. Read more about: Banks , Sanctions , Austria Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more U.S. Targets Gazprombank in New Sanctions Package Washington accused Gazprombank of facilitating payments for soldiers and enabling Russia’s purchase of military equipment for the war. 1 Min read U.S. Starts Targeting Banks That Help Russian War in Ukraine "We are sending an unmistakable message: anyone supporting Russia's unlawful war effort is at risk of losing access to the U.S. financial system." 3 Min read EU Cuts Russian Banks from SWIFT, Bans RT, Sputnik "This is the largest sanctions package in our Union's history." Russia's Top Banks Plot Temporary Sanctions Workaround "Each important bank has a step-by-step plan," one senior financial official said.