The fact that Raiffeisen Bank has been operating and thriving in Russia for the third year of the war illustrates that the West has not succeeded in significantly undermining the Russian economy. At the same time, the bank itself is trapped, — Financial Times.

The publication notes that over the past three years, the profit earned by the Russian division of the Austrian bank has exceeded all other operations of the Raiffeisen group.

Raiffeisen, in contrast to its rivals, has actually increased the proportion of profits the country contributes to its bottom line. According to estimates from Citigroup analysts, the bank will this year make a net profit from its units in Russia and close ally Belarus of nearly €1.2bn, compared with barely €500mn from all its other continuing operations: that is 69 percent of profits.

“This both looks bad and is bad. For a western bank to be thriving, there is a snub to western governments that have tried to shut down Russia’s global connectivity. It is also a very real help to the country’s economy, and thus its war machine,” the article states.

Raiffeisen is in a difficult spot. Even if it genuinely wants to exit the country, doing so is subject to the Kremlin vetting any buyer. In the meantime, restrictions imposed by the Russian regime mean the bank cannot repatriate profits from the country to its Austrian parent via dividends.

Although it has reduced its lending activity in the country, it has, like other foreign banks, become a channel for moving money out of Russia. Unlike sanctioned Russian banks, Raiffeisen remains part of the Swift network, which links banks around the world.

Now there is a strong reason for the West to deprive the Russian branch of Raiffeisen of access to Swift, and thus close a huge loophole in Russia's ties with the global economy. Thus, more than half of Raiffeisen's business depends on Putin, on the one hand, and Western politicians, on the other.