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| EU ‘delusional’ in its push to ‘decouple’ from Russia – bloc member's FM | |
| (30 minutes later) | |
| Austria's Alexander Schallenberg defended Raiffeisen Bank over its business in the sanctioned country, Reuters reports | |
| Russia will always remain important for Europe, Austria’s foreign minister told Reuters on Wednesday as he defended Raiffeisen Bank’s continued operations in the sanctioned country. | Russia will always remain important for Europe, Austria’s foreign minister told Reuters on Wednesday as he defended Raiffeisen Bank’s continued operations in the sanctioned country. |
| Alexander Schallenberg made his comments after the US sanctions authority launched a probe into the Austrian lender over its business related to Russia last month. | Alexander Schallenberg made his comments after the US sanctions authority launched a probe into the Austrian lender over its business related to Russia last month. |
| “Let’s get real,” he said. “91% of Western companies are still in Russia and doing what is sensible: waiting, containment, ring fencing.” | “Let’s get real,” he said. “91% of Western companies are still in Russia and doing what is sensible: waiting, containment, ring fencing.” |
| Raiffeisen Bank International is Austria’s second-largest lender and, despite sanctions, still plays a critical role in the Russian economy. It’s one of only two foreign banks on the Russian central bank’s list of 13 systemically important credit institutions. The other is UniCredit, a pan-European commercial bank. | Raiffeisen Bank International is Austria’s second-largest lender and, despite sanctions, still plays a critical role in the Russian economy. It’s one of only two foreign banks on the Russian central bank’s list of 13 systemically important credit institutions. The other is UniCredit, a pan-European commercial bank. |
| “To think that there won’t be Russia anymore and we can decouple in all areas is delusional,” Schallenberg told Reuters, adding that while Austria would loosen ties, this “can’t happen overnight.” | “To think that there won’t be Russia anymore and we can decouple in all areas is delusional,” Schallenberg told Reuters, adding that while Austria would loosen ties, this “can’t happen overnight.” |
| Schallenberg also discouraged Europe from introducing further sanctions against Russia. | Schallenberg also discouraged Europe from introducing further sanctions against Russia. |
| “It is a very blunt weapon,” he said. “We’ve had massive sanctions packages. Give them time to work.” | “It is a very blunt weapon,” he said. “We’ve had massive sanctions packages. Give them time to work.” |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |