Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Breaking News

Breaking News

Austrian minister thinks Russia will remain crucial for Europe.

Alexander Schallenberg Photo Credit: Michael Gruber Alexander Schallenberg Photo Credit: Michael Gruber
Alexander Schallenberg Photo Credit: Michael Gruber Alexander Schallenberg Photo Credit: Michael Gruber

Listen to the article now

Austria’s foreign minister said to assume otherwise was crazy.

Alexander Schallenberg defended Raiffeisen Bank International, the country’s second-largest bank, saying it was unfair to single them out for doing business in Russia when so many other Western corporations did.

Schallenberg told Reuters that Austria will decrease ties, but it “can’t happen quickly.”

“Whether we like it or not, European culture includes Dostoyevsky and Tchaikovsky. Our largest neighbor will remain. The world’s second-largest nuclear power will remain.”

Austria, which has marketed itself as a bridge between east and west and made Vienna a magnet for Russian money, is part of a Western alliance that sanctioned Russia following its invasion of Ukraine.

Austria buys Russian gas but wants to cut it in the future.

But, some Austrian officials wish for a rapid end to the war and regular ties with Russia, according to sources.

As the U.S. sanctions body opened an examination into Raiffeisen (RBIV.VI) over its Russia business earlier this year, Schallenberg made his statements.

Raiffeisen is one of two foreign banks on the Russian central bank’s list of 13 systemic institutions, highlighting its importance to Russia’s struggling economy.

Investors also criticized Raiffeisen’s participation in a Russian loan payment vacation program for the Ukrainian military.

Schallenberg said Austria should impose sanctions and blamed Western banks doing business in Russia. “Austrian enterprises must follow Austrian laws, including EU sanctions.”

“Get genuine,” he said. For example, “91% of Western corporations in Russia are doing what is sensible: waiting, confinement, ring fence.”

Schellenberg noted that Russia has several American banks, including Bank of America. “It’s a Western banking who’s who.”

“We comply with all sanctions,” stated a Bank of America representative.

Schallenberg preferred enforcing European sanctions rather than adding more.

He called it a blunt weapon. “Massive sanctions packages. Let them work.”


Comment Template

You May Also Like

Business

Cricut Unveils New Crafting Machines: Faster, Cheaper, and More Accurate On February 27, 2025, Cricut, the beloved brand known for its innovative crafting machines,...

Business

**Excerpt:** Apple has unveiled a suite of new child safety features aimed at giving parents greater control over their kids’ app usage. Announced on...

Business

**Excerpt from "The Evolution of Legacy Media: Why It’s Not Dead Yet"** In a world dominated by digital platforms and instant news, Evan Leatherwood,...

Business

**Excerpt:** On February 27, 2025, newly confirmed FBI Director Kash Patel unveiled a groundbreaking proposal: a partnership between the FBI and the Ultimate Fighting...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok