Last European bank leaving Belarus
Raiffeisen Bank is going to wind down its operations in Belarus (Photo:Leonhard Foeger / Reuters)
Austria’s Raiffeisen Bank International will terminate all correspondent relations with Belarusian banks from July 31, Belarusian news outlet Nasha Niva reported on May 17, citing sources familiar with the matter.
Sources close to the decision revealed that Raiffeisen Bank sent a notice to Belarusian banks on May 15 announcing the termination.
"This means that one of the last channels for the flow of money to and from the West is closing (for Belarus)," the report reads.
Raiffeisen is the last bank that maintains correspondent relations with Belarusian banks for sending and receiving payments from Europe.
"Almost everyone worked through Raiffeisen; this complicates the already difficult financial life of Belarusian companies, which receive payment in dollars or euros, or pay for goods or services in them," said an employee of one of the local banks.
Belarusian businesses now have only a few months to come up with a new scheme for settlements with partners, and companies that operate or trade internationally risk being caught up in potential sanctions violations.
Previously, Raiffeisen suspended correspondent accounts of all banks in Russia – except for its own subsidiary.
Previously, it was reported that Raiffeisen suspended accounts of all banks in Russia except for its own subsidiary.
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