Raiffeisen Bank International has faced scrutiny over its ongoing operations in Russia while claiming plans to divest. In March 2023, the bank announced intentions to either sell or separate from its Russian subsidiary, Raiffeisenbank. However, as of August 2026, no action has been taken, and the bank remains active in the country.
In 2024, Raiffeisen emerged as the largest foreign profit taxpayer in Russia, according to a report by KSE and B4Ukraine, contributing approximately $402 million in taxes. Furthermore, the bank reported a net profit of around $1.05 billion from its Russian operations in the first half of 2025, with an additional $305 million generated in the first quarter of 2026.
Critics argue that Raiffeisen’s continued presence in Russia contradicts its stated intentions to leave, viewing this as a prolonged charade. The bank’s operations have resulted in significant profits and tax payments to a government responsible for the ongoing conflict in Ukraine. After more than three years of commitments to exit, many believe the credibility of these promises has been exhausted.
