Bloomberg: “Raiffeisen Bank” expected Putinʼs quick victory at the start of a full-scale war

At the beginning of the Russian invasion of Ukraine, the Austrian “Raiffeisen Bank” counted on a quick end to the war with a Russian victory.

This is reported by Bloomberg, citing sources.

Bank executives expected that banking business would soon return to “normal” operating conditions within the Russian Federation. However, the protracted war forced the bank’s management to reconsider plans and begin to worry about a possible negative reaction from the public and employees.

“Raiffeisen Bank International” CEO Johann Strobl and his team have focused heavily on winding down the Russian business. According to Bloomberg, Strobl personally visited Moscow in 2024 to do so. But the deal required approval from Austria, Russia, the US, the EU and Putin.

Another manager will have to complete the possible deal — Strobl will leave his position on July 1, 2026. He himself noted that the Russian "subsidiary" of “Raiffeisen” is not a full-fledged bank: it almost does not issue loans, does not conduct large international transactions, small transfers do not bring significant profit, and no interest is accrued on deposits.

Hungarian businessman Istvan Tiborc, son-in-law of Prime Minister Viktor Orban, as well as a number of Russian and Western businessmen, were interested in the bankʼs assets. Tiborcʼs candidacy was approved by the Bank of Russia and the business environment close to the Russian leadership.

In December 2025, “Raiffeisen” confirmed that it was continuing to look for a buyer for its Russian assets, and the groupʼs position on exiting the Russian market remained unchanged. According to Reuters, the US has warned the bank that it could limit its access to the financial system if it continues to work with Russia.

“Raiffeisen Bank” in Russia

In March 2023, Austrian banking group “Raiffeisen Bank International” reported that it would pursue a possible sale or spin-off of its Russian business. It pledged to reduce its activity in Russia.

“Raiffeisen Bank International” paid €464 million in taxes to the Russian budget in 2023. RBIʼs profits in Russia more than tripled to €1.8 billion between 2021 and 2023, accounting for half of the Austrian groupʼs total profits.

In February 2025, it became known that the Russian division of “Raiffeisen” received more than $620 thousand in commissions for services from the Russian company “Unikhim”, which sells products to an enterprise of the Russian military-industrial complex.

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