RBI
RAIFY
Financials
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
RBI finances fossil fuel companies including SOCAR, the Azerbaijan state oil company. BankTrack and Urgewald have flagged RBI's exposure to Russian fossil fuel entities. When asked for specifics on fossil fuel financing volumes, RBI has cited Austrian banking secrecy laws. The bank's continued investment in sanctioned Russian energy companies represents both a sanctions compliance risk and direct financial support for fossil fuel extraction.
Raiffeisen Bank International is the largest Western bank still operating in Russia as of 2026. Its Russia-domiciled asset manager holds investments in sanctioned Russian state entities including Gazprom, Sberbank, and Russian government bonds — some issued after the March 2022 sanctions cutoff, raising potential EU sanctions violations.
In 2024, a Russian court ordered RBI to pay over EUR 2 billion in damages in a dispute involving Rasperia Trading and Strabag. Austria attempted to have EUR 2 billion in frozen Russian assets awarded to RBI as compensation; all other EU member states rejected the proposal. RBI has accumulated $24.6 million in penalties across 33 enforcement records, including anti-money laundering failures flagged by the Austrian regulator. The bank continues operations in Belarus under the Lukashenko regime.
Research Sources
11 organizations
Related Exclusions
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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