The management of the Austrian bank “Raiffeisen Bank” is discussing a possible plan to exchange assets with the Russian “Sberbank”. So they want to receive the amount of revenue that the bank earned in Russia in 2022 and cannot withdraw due to restrictions of the Russian authorities.
This is written by the Austrian publication Falter with reference to a document from the “Raiffeisen Bank” board meeting.
According to the publication, the management of “Raiffeisen Bank International” discussed the idea of transferring dividends from its Russian business to “Sberbank” in exchange for the assets of its European subsidiary “Sberbank Europe”, which is registered in Austria. “Sberbank” itself is under sanctions, and some of its assets have been frozen by the European authorities.
The total value of the assets is approximately €2 billion — that was the net profit of “Raiffeisen Bank” in Russia for 2022.
In return, “Sberbank” can receive either this money or the entire “subsidiary” of “Raiffeisen Bank International” in Belarus — “Priorbank”. Its total balance sheet is also approximately €2 billion.
Inside “Raiffeisen Bank”, the secret plan was codenamed “Project Red Bird”. All because in Austria they want to create an intermediary company called “Red Bird”, to which “Sberbank” will transfer 100% of its stake in “Sberbank Europe”. This will help divert legal and economic risks from “Raiffeisen Bank” itself.
Since “Sberbank” is under sanctions, transactions with it are severely restricted, and “Raiffeisen Bank”ʼs board requires that sanctioned banks “neither directly nor indirectly” benefit.
- More than 40 Western banks cannot leave the Russian market on acceptable terms due to the decree of Russian President Putin. It stipulates that any agreements on the sale or purchase of banks require the approval of the authorities. Those banks that are still trying to negotiate an exit from the Russian Federation are afraid that their Russian assets will be bought very cheaply by Kremlin-controlled oligarchs.