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Mass Media: Raiffeisen Bank Restricted Cooperation With Belarusbank Because Of Sanctions

Mass Media: Raiffeisen Bank Restricted Cooperation With Belarusbank Because Of Sanctions

Belarusbank, Belagroprombank and Belinvestbank have been previously targeted by the EU sectoral sanctions.

Raiffeisen Bank International has limited cooperation with Belarusbank because of the sanctions against Lukashenka's regime, says the Austrian newspaper "Die Presse". It states that one of the largest Austrian banking groups will no longer carry out international transfers for the Belarusian state bank. We remind that three banks - Belarusbank, Belagroprombank and Belinvestbank - have previously fallen under the EU sectoral sanctions.

"The only Western European credit institution in Belarus draws the first conclusions from the political situation in the country. In the future, Raiffeisen Bank International will no longer carry out international transfers for Belarusbank," wrote the Austrian edition. Die Presse states that Raiffeisen Bank International has limited its cooperation with the state bank because of the sanctions against Belarus.

However, Raiffeisen Bank International has made no statements about the possible cessation of international transfers for Belarusbank. Belarusbank has also released no statements on the subject.

We remind that three state banks - Belarusbank, Belinvestbank and Belagroprombank - fell under the EU sectoral sanctions, which were imposed in the second half of June. On the eve of the sanctions, the publication "Politico" reported that Austria was trying to soften the European sanctions against Belarus, having expressed disagreement with some of the measures aimed to cut off the access of the Belarusian side to foreign currency.

In July, rating agency "Standard & Poor's" confirmed the ratings of two sanctioned banks - Belagroprombank, Belarusbank and BelVEB bank - level B with negative outlook.

Previously, a review on the Belarusian economy, published on July 1 by Raiffeisen Research, noted that the impact of sanctions on the Belarusian economy would become evident by the end of 2021. The experts made a forecast with high uncertainty factors. "Recovery of the Belarusian economy is hardly possible in 2021, primarily because of the high uncertainty associated with the uncertainty of the practical application of sanctions. The sanctions pressure may lead to a significant deterioration of the situation in the industrial sector," the review noted. "The cumulative impact of the considered factors may create conditions for a slowdown in economic growth".

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