Raiffeisen customers in Russia will no longer be able to make payments in dollars from June 10

The Russian subsidiary of the Austrian banking group Raiffeisen Bank International announced on Wednesday that payments initiated in dollars will no longer be available starting from June 10, the reason being the change in the requirements of correspondent banks, reports Reuters, according to Agerpres.

Earlier, a source revealed to Reuters that the Austrian bank, criticized for still running operations in Russia two years after the invasion of Ukraine, had been warned in writing by the US Treasury that its access to the US financial system could be restricted.

The Russian subsidiary of the RBI stated on Wednesday that outgoing transfers in dollars will be stopped from June 10, and this change will affect all the bank's clients. "There are no restrictions on incoming payments in dollars.

Likewise, the restrictions do not apply to other currencies," the subsidiary informed in a press release. Payments made by Friday, June 7 at 16:00 local time (13:00 GMT) will be processed, the bank added. "We will try to warn you as far in advance as possible, taking into account the continuous change in market conditions", the Russian subsidiary of the RBI also informed.

RBI's Russian business is very profitable but has damaged the image of the Austrian group. A senior US Treasury official acknowledged that Western banks face "significant difficulties" in exiting Russia, but added that banks should not seek to expand their Russian business, as Raiffeisen is doing.

Raiffeisen Bank International (RBI) covers 12 markets in the region. Almost 45,000 employees serve 18.6 million customers through approximately 1,500 work points, most of which are located in Central and Eastern Europe. RBI shares are listed on the Vienna Stock Exchange, according to the cited source.