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Financial Times — World — Foreign banks' efforts to reduce exposure to the Russian market — European Companies — Banks — European Banks

Raiffeisen seeks to swap €400mn with Sberbank in ‘financial prisoner exchange’

Raiffeisen Bank seeks to exchange €400mn trapped profits in Russia for Sberbank's frozen cash in Europe in an effort to reduce exposure to the Russian market.

1 min read
  • Raiffeisen Bank plans to exchange €400mn of trapped profits in Russia for Sberbank's frozen cash in Europe.
  • Sberbank would receive roubles from Raiffeisen's Russian subsidiary, while Raiffeisen would take over a sanctioned legacy cash pile held by Sberbank's European arm.
  • The swap deal requires approval from regulators in Washington, Brussels and Moscow.
  • The deal is a theoretical consideration, according to a Raiffeisen spokesperson.
  • The plan could be a template for other western companies trying to exit Russia.
Raiffeisen seeks to swap €400mn with Sberbank in ‘financial prisoner exchange’
Austrian lender in talks with Kremlin-owned bank in an attempt to reduce exposure to Russia
Financial TimesMax Seddon

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