“Raiffeisenbank,” a Russian subsidiary of the Austrian banking group Raiffeisen Bank International (RBI), announced that it will stop making euro transfers to Uzbekistan and several other countries, including Russia itself, according to the bank’s press service.

“Starting from July 3, an outgoing payment in euro will not be possible if the beneficiary’s bank is located in one of the following countries: Russia, Armenia, Azerbaijan, Belarus, Georgia, Jordan, Kazakhstan, Kyrgyzstan, Moldova, UAE, Tajikistan, Turkmenistan, Uzbekistan. The new conditions apply to clients who are individuals, sole proprietors and legal entities,” the statement said.

The decision is explained by restrictions imposed on the side of correspondent banks. “Raiffeisenbank” recommended customers to change the currency of the outgoing transfer or use other methods of payment.

The bank explained that the decision was due to restrictions imposed by correspondent banks and recommended that customers change the currency of their outgoing transfers or use other methods of payment. The new conditions do not apply to transfers in euros between Raiffeisenbank’s clients in Russia.

“Raiffeisenbank” is a systemically important bank in Russia and was included in a list of 45 organizations subject to a ban on transactions with their shares and stakes in their share capital in October 2022, according to RBK.

According to Reuters, the European Central Bank is demanding that RBI withdraw from Russia. RBI said it continues to explore options for the future of its Russian subsidiary. In May, Reuters reported that RBI, after months of unsuccessful searches for a third-party buyer, was inclined to transfer the Russian subsidiary to Raiffeisen’s own shareholders.