Nearly three years into the war on Ukraine, the Austrian lender continues to make billions in Russia, while its plans for exiting the country remain more unclear than ever.

Here is the paper (pdf) in English.

Here is the paper (pdf) in German.

A new briefing paper released by BankTrack and the B4Ukraine coalition shows that Raiffeisen Bank International (RBI) is still failing to meaningfully address the human rights implications of its operations in Russia. The briefing draws together nearly three years of data and investigations into RBI, the largest international bank still operating in Russia. Nearly three years after Russia launched its full-scale invasion of Ukraine, results indicate that the values of both the assets and the profits of RBI’s Russian subsidiary remain higher than pre-war levels, while the bank continues to stall on its commitment to exit Russia.

Most notably, the briefing shows that Raiffeisenbank Russia continues to provide payment services and tax contributions that risk materially contributing to the Russian war effort. The bank is found to have made more than €1.3 billion in tax payments since the beginning of the war, with annual payments also remaining significantly higher than pre-invasion levels. These findings indicate that the Russian government and its war effort continue to benefit significantly from RBI’s presence in the country (roughly 40% of Russia’s government budget is earmarked for military purposes).

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These findings provide crucial background to the Russian government’s classification of RBI as one of just two “systemically important” foreign banks remaining in Russia. As the report notes, the size and scope of RBI’s Russian operations exceed those of all other remaining Western banks put together. This outsized presence continues to sustain the Russian wartime economy.

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