Journalists have discovered that Raiffeisen, which did not exit Russia immediately after its invasion of Ukraine, has become "stuck" in the aggressor country and is now unable to repatriate accumulated profits totaling €4.4 billion.
In just the first nine months of 2024, Raiffeisen earned over €1 billion in profits from its Russian subsidiary (after tax payments), while €277 million was spent on taxes paid in Russia, according to the publication.
Among the clients of the Austrian bank is the sanctioned chemical company Unichim, which supplies the Russian arms industry. According to Bloomberg, Raiffeisen received fees of $620,000 from this firm.
The publication states that Unichim supplied acids to the sanctioned Russian company Rawenstvo, including for a government project that, according to EU officials, is developing and modernizing platforms and munitions for multiple launch rocket systems and guided bombs.
Sources from the agency believe that Raiffeisen "almost certainly" has other clients supplying the Russian defense industry.