- 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.
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.