Raiffeisen explained the termination of work with banks in Belarus

Raiffeisen Bank International (RBI) decided to "significantly reduce correspondent banking relationships" in the region. This is how the company commented to RBC on reports of Raiffeisen's decision to terminate correspondent relations with all banks in Belarusian jurisdiction from July 31.

The Nasha Niva newspaper wrote about the termination of relations (blocked in RUSSIA and Belarus, included by the Ministry of Internal Affairs of the republic in the list of organizations involved in extremist activities). According to her, Raiffeisen informed the Belarusian banks about the suspension of cooperation on May 15. “This greatly complicates the already difficult financial life of Belarusian companies that accept payments in dollars / euros or pay in them for goods or services,” said an employee of one of the banks.

Correspondent accounts in foreign banks are required for foreign exchange transactions. After the start of the military operation in Ukraine and Western sanctions against the Russian financial system, foreign credit institutions began to close accounts for Russian banks, regardless of the sanctions, which made it more difficult to make currency transfers.

On May 11, an RBI representative announced the decision to reduce correspondent relations with banks in the CIS countries. In early April, such a decision was made in relation to all Russian banks, with the exception of Raiffeisen's own subsidiary, Raiffeisenbank. This is part of a plan to reduce business activity before leaving Russia.