According to Reuters, Austria has approved a 12th package of EU sanctions on Russia after Ukraine removed Raiffeisen Bank International from a blacklist. This information was reported by Ukraine’s government website and an EU diplomat on Saturday.
Austria had been pushing to remove the bank from a Ukrainian list known as “international sponsors of war”. The list aims to shame companies doing business in Russia that support the war effort, such as by paying taxes.
An EU diplomat confirmed that “Austria’s sanctions reservation is lifted.”
Despite having no legal standing, the blacklist is symbolically important as it reinforces public pressure on Raiffeisen to cease operations in Russia, a move the Austrian bank has expressed willingness to do but has not yet executed.
On Saturday, the Ukrainian government website stated that “The status is suspended for the period of bilateral consultations involving representatives of the European Commission” regarding Raiffeisen’s status.
Austria’s desire to have Raiffeisen removed from the blacklist was in exchange for approving the latest EU sanctions package against Russia.
Raiffeisen had planned to spin off its Russian business, which provides a payment lifeline to hundreds of companies there, after facing pressure from international regulators.
(Reporting by Julia Payne; Editing by Andrew Heavens)
