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EU is considering sanctioning Raiffeisen Bank, as Russia's financial lever
2026-07-18 12:16:00 / EKONOMI&SOCIALE
The European Union is considering imposing sanctions on Austrian bank Raiffeisen over its businesses in Russia.
The news is reported by Bloomberg, according to which many European Union countries are seeking to penalize with sanctions the Austrian bank, which is facilitating Russia's financial transactions in Europe, but are facing strong opposition from Vienna.
“The European Union delayed the adoption of its 21st round of sanctions against Russia, stalling a critical effort to curb Moscow’s war economy due to disputes over Austria’s Raiffeisen Bank International AG and restrictions on Russian liquefied natural gas (LNG),” Bloomberg reported.
The dispute over Austria's largest lender, Raiffeisen Bank International, remains one of the main obstacles in Brussels.
Bloomberg reported that some member states have called for tougher measures targeting financial institutions that facilitate capital flows into Russia. Vienna, on the other hand, has repeatedly tried to shield Raiffeisen from restrictive measures that could jeopardize its remaining profitable operations within the country.
The ongoing blockade has drawn criticism from Baltic and Eastern European member states, which warn that national economic interests are eroding collective security.
Since sanctions require unanimity among the 27 EU capitals, national governments can put a price on their consent by demanding other concessions.
Former Hungarian Prime Minister Viktor Orbán was a notorious blocker of such support for Ukraine, although it was hoped that Budapest would prove less obstructive after being ousted by Péter Magyar earlier this year.
However, this time, it is Austria and Greece that have become the barricade of consensus for the new round of sanctions.
Vienna has proposed a deal under which Austria's Raiffeisen Bank would be compensated for what it calls an illegal expropriation of 2.44 billion euros of its Russian operations.
The request would involve the seizure and sale of 2.1 billion euros in frozen Russian assets located in Austria; property with the ultimate beneficial owner being Russian oligarch Oleg Deripaska, a beneficiary of the Raiffeisen expropriation.
First proposed by the European Commission on June 9, the 21st package of sanctions is part of a multi-year economic campaign to degrade Moscow's military financing since its invasion of Ukraine in 2022. However, as Lithuanian Foreign Minister Kęstutis Budrys warned, negotiations are increasingly dominated by domestic trade concerns rather than strategic geopolitical goals.
Bloomberg noted that the Irish EU presidency has scheduled an emergency meeting of ambassadors to break the deadlock over Raiffeisen and LNG, hoping to salvage the package before the oil price cap deadline expires./Capital
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