The Man, The Myth, The Financial Genius?

Ah, Johann Strobl. The man, the myth, the financial genius who, in an awe-inspiring display of impeccable timing, managed to funnel billions into Russia just as Vladimir Putin decided to redraw the map of Eastern Europe with tanks and missiles. Truly, a masterclass in prioritizing profits over morality.

Billions for Moscow – A Timely Gesture of Financial Love

While the world was collectively gasping in horror at the full-scale invasion of Ukraine, Strobl and his fine institution, Raiffeisen Bank International (RBI), were busy executing what can only be described as a billion-euro bear hug for the Russian economy. Between January and February 2022, RBI delivered 189 shipments—yes, you read that right—totaling over nine billion euros. Some of these money-stuffed shipments waltzed into Moscow on February 24, 2022—the very day Putin unleashed his war machine. Coincidence? Well, let’s just say that if Strobl were any more accommodating, he’d be personally handing Putin the cash with a bow on top.

RBI: Because Wars Need Cash Too

As financial experts so eloquently put it, “foreign currency in cash is always useful in a war.” And who better to prove this theory than RBI? While missiles rained down on Ukrainian cities, RBI ensured that the Russian economy received a warm infusion of fresh, crisp euro and dollar bills, making sure the Kremlin’s financial gears were well-oiled. The lucky recipient? TBSS, a company with, let’s say, intimate connections to the Russian state. But let’s not jump to conclusions—perhaps they just really needed the cash for… humanitarian purposes?

The One Bank That Simply Refused to Leave

Most Western banks, recognizing that financing a war machine is bad optics, quickly abandoned their Russian operations after the invasion. But not RBI. No, Johann Strobl had a different vision: doubling down on business in Russia. After all, why let a little thing like war crimes get in the way of quarterly earnings? Consider these heartwarming facts: A third of RBI’s total profits still come from Russia. The bank happily pays millions in taxes to the Russian state—money that, funnily enough, helps finance the war against Ukraine. The idea of leaving Russia? Laughable. RBI won’t even commit to exiting if sanctions are lifted. Truly, Johann Strobl is a paragon of Western corporate integrity.

A Last-Minute Crisis of Conscience? Not Quite.

Of course, RBI eventually stopped its cash shipments after the war started. But let’s not forget: the damage was already done. Putin’s war chest had been filled, thanks in no small part to Strobl’s impeccable sense of timing. The latest revelations put Strobl right back in the spotlight, but history tells us that nothing will change. RBI will continue raking in profits from Russia, Strobl will continue dodging questions, and the bank’s board will issue vague, non-committal statements about “following regulations.” And when the next crisis erupts? Well, don’t be surprised if RBI is once again there to lend a helping hand—full of cash, of course.

Frequently Asked Questions (FAQ) on Raiffeisen Bank’s Activities in Russia

Did Raiffeisen Bank (RBI) move large amounts of cash to Russia before the Ukraine invasion?
Yes. Investigations by OCCRP revealed that RBI transported over nine billion euros in cash to Russia between January and February 2022. These shipments reportedly included euro, dollar, and Swiss franc banknotes.

Were cash shipments still arriving in Russia when the war started?
Yes. At least ten shipments arrived on or after February 24, 2022, the day Russia invaded Ukraine. Some shipments were linked to TBSS, a company associated with Russian state entities.

Why is foreign cash important in wartime?
Experts indicate that foreign currency in cash is valuable during war as it can facilitate payments, buy loyalty, and sustain economic operations even under sanctions.

What was RBI’s official stance on these cash transfers?
RBI stated that all transactions complied with applicable laws and that cash shipments ceased after the invasion began. However, critics argue these transfers supported Russia’s war preparations.

Why is RBI still operating in Russia while other banks have exited?
Unlike many Western banks, RBI has maintained its Russian operations, which account for about one-third of its total profits. Exiting Russia requires Kremlin approval, which has not been granted.

Did RBI’s Russian subsidiary invest in Russian government bonds?
Yes. After December 2023, Raiffeisen Capital Russia purchased nearly two billion rubles’ worth of Russian government bonds, which are considered crucial for funding Russia’s economy and war efforts.

Is investing in Russian government bonds a violation of EU sanctions?
EU sanctions prohibit European companies from trading Russian government bonds. While RBI’s Austrian parent company did not buy the bonds directly, its Russian subsidiary did, raising legal and ethical concerns.

How does RBI justify its continued presence in Russia?
RBI claims it is actively working on exiting the Russian market by selling its subsidiary. However, this process has been slow, and the bank continues to generate significant profits from its Russian operations.

What actions have been taken against RBI for its Russian activities?
RBI faces scrutiny from European regulators, including the European Central Bank and U.S. sanctions authorities. Critics argue the bank’s operations indirectly support Russia’s war economy.

Will RBI leave Russia if sanctions are lifted?
The bank has not provided a clear answer on whether it will leave Russia if sanctions are lifted, stating that any decision will be made by its board and supervisory council.