Warning US: Watch out for Raiffeisen Bank, suspicion of Russian sanctioned links

Raiffeisen Bank base has been warned by the US Treasury written that its access to the US financial system will be cut off due to its relations with Russia, writes Reuters.

On May 6, Deputy Secretary of the Treasury William Adeyemo sent him a letter RBI expressing concern for their presence in Russia, as well as a $1.5 billion deal with a sanctioned Russian tycoon.

While the agreement concerning Oleg Deripaska was removed from Raiffeisen several days after the letter arrived, the source said US Treasury concerns over Austrian bank business in Russia remain.

The warning is the strongest so far for the largest Western bank in Russia while continuing months of pressure from Washington, which has been looking into RBI business in the country for more than a year.

He highlights the deep disappointment in Washington with the lender, despite his recent decision to abandon an agreement that had exacerbated tensions.

While many Western governments and corporations have radically reduced ties with Moscow since it invaded Ukraine over two years ago, Austria remains linked to Russia through gas pipelines, with Vienna still serving as a centre for cash prepared by Russia and its former Soviet neighbours.