BERLIN, February 4. /TASS/. Austria-based Raiffeisen Bank International (RBI) has set aside 840 mln euro to cover potential losses from claims made against its Russian branch.

The Russian subsidiary of RBI sustained a net loss of 240 mln euro in the fourth quarter of 2024 in connection with creating this fund, the Austrian banking group said in its reporting statements.

"RBI achieved a satisfactory result in 2024 despite massive extraordinary charges. The sale of Priorbank in Belarus enabled us to reduce RBI’s political risk. The business reduction in Russia is making good progress," RBI chief executive Johann Strobl said.

The banking group reported that in 2024, loans extended in Russia contracted by 30% to 4.2 bln euro. Customer deposits dropped by 35% and outbound foreign currency payments from Russia faced even greater restrictions.

RBI’s management has repeatedly said that it intends to sell or spin off its Russian bank. When this would be done has not been publicized. The process remains complicated by bureaucratic procedures and regulatory approvals.