RBI shares fall after sanctions report
Quick Look
Shares of Austria's Raiffeisen Bank International fell more than 8.5% after Grizzly Research reported $1.19 billion in sanctions evasion and trade with Russia.
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Why It Matters
Grizzly Research published a report on RBI's involvement in sanctions evasion and trade transactions with Russia.
Austria's Raiffeisen Bank International (RBI) saw its shares plummet after the American investment company Grizzly Research published a report on the organization's involvement in sanctions evasion and trade transactions with Russia. As of 14:00 Moscow time, the securities are losing more than 8.5 percent, according to Investing data.
The investigation provides customs documents related to the trade of sanctioned goods with the contract registration code of Raiffeisenbank JSC, a subsidiary of the RBI. The investment company estimated the volume of illegal operations at $1.19 billion.
Representatives of Raiffeisen Bank refuted Grizzly's findings, emphasizing that they guarantee the reliability of systems for compliance with constantly changing regulatory requirements. However, if violations of the sanctions regime are found, the financial organization will face serious consequences.
Open Questions
- Will the data on sanctions violations be confirmed?
- What measures will regulators take?
