“Raiffeisenbank” in Russia processed payments for state defense procurement – “Skhemy” – Center for Investigative Journalism

The Russian subsidiary of the Austrian Raiffeisen Bank International AG, Raiffeisenbank, conducted payments for Russia's state defense order in recent years. Journalists-investigators of Schemes (Radio Liberty) stumbled upon a number of such transactions while analyzing the activities of one contractor of the Russian military-industrial complex. The bank's head office in Vienna did not deny this. They explained that under Russian law the bank is prohibited from refusing to execute domestic payments in rubles.

This is reported by Radio Free Europe/Radio Liberty.

Schemes journalists detected these financial operations while analyzing tax data of the company Qualitet, one of the key suppliers of lubricants for the Russian defense industry and army. In its full supply chain through Raiffeisenbank over the 2024–2025 years, there were at least 26 payments for the state defense order totaling more than 15 million rubles (about 180 thousand dollars at the then-exchange rate).

As Schemes established during the analysis of the Russian company's tax invoices, most of the Russian defense-industrial complex enterprises to which Qualitet sells its products settle accounts through Promsvyazbank. At the same time, the company not only sells lubricants but also buys products for production needs. These purchases periodically bear the note “payment for the state defense order,” and in these transactions the Russian Raiffeisenbank figures, which continued to operate in the Russian Federation after its full-scale invasion of Ukraine.

The publication notes that after Western companies left the Russian market, Qualitet became a monopolist producer of aviation, hydraulic, and motor lubricants with additives specific for military equipment.

Bank records of Qualitet show that money was debited from the company's accounts at Promsvyazbank as a “payment for the state defense order” and credited to accounts at Raiffeisen Bank International AG. The recipients of these funds were other Raiffeisenbank clients — the producer of steel drums Dramtara and the chemical additive plant for polymers Roshal Plant of Plasticizers.

Only in 2024–2025 were 26 transactions (four in the 2024 year and another 22 – in the 2025 year) for the Russian state defense order totaling over 15 million rubles (about 180 thousand dollars at the then-exchange rate) to contractors of Qualitet through Raiffeisenbank. In total, over these years the company conducted 344 operations through this bank.

Journalists note that according to Qualitet's tax documents, settlements for the state defense order are separated and have the same numeric identifier. It is visible in the payment instruction for the recipient bank, i.e., Raiffeisenbank, which practically means the bank had a technical possibility to identify the payment as defense-related.

For example, Schemes found at least four cases of Raiffeisenbank AG refusing to process payments for Qualitet in 2025 year. These transactions did not directly relate to defense orders but were payments for the supply of chemical components from abroad — from the United Arab Emirates. Then the Austrian bank's Russian unit referred to the bank's “internal policy” and asked to “consider other settlement methods.”

In response to journalists’ inquiry, Raiffeisen Bank International in Austria did not deny the transactions themselves, but stated that “the bank is prohibited from refusing to execute internal payments in rubles,” and noted that “they stopped cooperating with the Qualitet company several years ago.” Nevertheless, in the 2025 year Qualitet had at least four accounts at Raiffeisenbank AG — ruble, dollar, euro, and yuan accounts.

In March 2026 year Raiffeisen Bank International stated that it had previously announced “the intention to exit the Russian market by selling its Russian subsidiary structure — OJSC Raiffeisenbank.” They added that for the sale of the bank they needed approvals from Russian, European, and American regulators, “which makes this process very complicated.”

Raiffeisen Bank International remains one of the largest Western banks continuing to operate in Russia. According to Reuters, in the 2022 year the Austrian group earned more than half of its profit from the Russian market — and was already considering an exit after the invasion of Ukraine.

In the 2023 year the group again postponed separating its Russian “daughter.” In May 2024 it was reported that Raiffeisen would start the exit procedure from the Russian market in the summer. In October 2025 Reuters reported that another attempt to sell the Russian stake had failed.

In December 2025 Bloomberg reported that Raiffeisen Bank International AG's CEO Johann Strobl is stepping down, leaving to his successor the task of “solving the problem created by the Russian subsidiary of the Austrian bank.”