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Anti-Moscow sanctions to hit Ukraine, EU — Raiffeisenbank chief

July 29, 2014, 17:01 UTC+3 VIENNA
Head of the Austrian banking group confirmed plans to sell subsidiary in Ukraine, Raiffaisen Bank Aval, as the circumstances had considerably complicated the bank’s operations in the country
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© ITAR-TASS/Stanislav Krasilnikov

VIENNA, July 29. /ITAR-TASS/. Western sanctions against Russia will hit not only Russia but also Ukraine and the European Union because of close interconnection in Europe, said chief executive of Raiffaisen Bank International Karl Sevelda.

“The entire eastern Ukraine is Russian oriented economically. Therefore, we’ll make efforts for a harmonic settlement,” he told the Austrian financial daily Wirtschafts Blatt. “They harm not only Russia but also Ukraine and the EU.”

Head of the Austrian banking group confirmed plans to sell subsidiary in Ukraine, Raiffeisen Bank Aval, as the circumstances had considerably complicated the bank’s operations in the country.

“We hope that the parliament to be elected in the autumn will help create a favourable legal environment. We are now observing the situation,” said Sevelda.

On July 17, the US adopted the third package of anti-Russian sanctions amid the situation in Ukraine. New prohibitive measures affected economic sectors; the black list included state-owned Vnesheconombank, Gazprombank, Rosneft oil company, Kalashnikov weapon concern, machine building company Uralvagonzavod, NOVATEK gas company and others. In contrast to the previous two sanction waves, the banks’ freedom was only restricted in that they can now borrow funds on foreign markets for no more than 90 days.

On Monday, Wall Street Journal reported with a reference to EU diplomatic sources Brussels discussed expansion of the Russian sanction list with two more companies and five individuals.

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