Raiffeisen raises commission on dollar transfers to Russia

The Russian branch of Austrian lender Raiffeisen Bank International said on Friday it was raising its commission on dollar transfers to Russia to 50%, but that the fee would be capped at $500. The bank has been progressively tightening rules for transfers of money to and from Russia.

The Russian branch of Austrian lender Raiffeisen Bank International said on Friday it was raising its commission on dollar transfers to Russia to 50%, but that the fee would be capped at $500. Raiffeisen is one of the few remaining foreign banking brands left in Russia since Moscow's invasion of Ukraine, and the very few that allow dollar transfers in and out.

The bank said it had been forced to limit the number of dollar transfers due to "changing market conditions". The measures will come into effect from June 20 and certain business accounts will be exempted. The bank has been progressively tightening rules for transfers of money to and from Russia. Sources told Reuters last month that the bank was stepping up plans to spin off its Russian arm, amid pressure to cut its ties to Moscow.

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