Raiffeisen Bank Shares Fall After Ukrainian Sanctions Hit Leasing Subsidiary
January 30 2023 - 11:37AM
Dow Jones News
By Pierre Bertrand
Raiffeisen Bank International AG shares fell Monday after the
Ukrainian government added one of the Austrian bank's divisions to
a sanctions list.
At 1607 GMT shares had recovered some ground, trading 4.1% lower
to EUR16.30 after initially falling 10%, according to FactSet
data.
Ukraine at the weekend set out a slew new of sanctions,
targeting companies it claims Russia uses to transport military
equipment and soldiers.
Raiffeisen Leasing Russia, a wholly-owned subsidiary of
Raiffeisenbank Russia, is among the 185 companies and individuals
listed under the sanctions.
The sanctions mean assets such as vehicles leased to customers
may be blocked and deprived of the right to be used, or disposed,
of if found in Ukrainian territory, the bank told Dow Jones
Newswires.
The bank said the decision by Ukraine to sanction Raiffeisen
Leasing Russia also targets around 30 other Russian leasing
companies.
"Since the beginning of the war no new leasing contracts are
concluded," the bank said. In December, Raiffeisen Leasing Russia's
financed leasing volume amounted to 362 million euros ($393.4
million), it said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
January 30, 2023 11:22 ET (16:22 GMT)
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