Raiffeisen Bank International shares drop amid sanctions evasion allegations

Shares of Raiffeisen Bank International (RBI) fell approximately eight percent on the Vienna Stock Exchange following allegations from short-seller Grizzly Research.

Grizzly Research claims to have identified trade flows totaling $1.19 billion linked to RBI’s Russian subsidiary. The report alleges that the bank has become a channel for circumventing EU, US, and UK sanctions, involving goods that may have dual-use military applications worth roughly $107 million. Additionally, the research suggests trade activities involving Iran and North Korea exceeding $10 million were linked to the bank’s code.

RBI has rejected these allegations, describing them as “factually false and misleading.” Bank spokesperson Rupert Reif stated that the institution stands by its compliance systems, which have undergone multiple reviews since the start of the invasion of Ukraine.