European Central Bank Urges Euro Area Banks to Accelerate Exit from Russia

On Tuesday, Andrea Enria, Chairman of the Supervisory Board of the European Central Bank, requested Eurozone banks to expedite their exit from Russia due to increasing risks related to reputation, legality, and finance. Enria stated in a letter addressed to Members of the European Parliament: "The Supervisory Board of the European Central Bank urged these banks to accelerate their strategies to reduce operations and exit by adopting clear roadmaps and providing regular reports to their management bodies and to the Supervisory Board of the European Central Bank on the implementation of these plans." Last month, Reuters reported that Raiffeisen Bank International, one of the Eurozone banks most connected to Russia, intensified efforts to divest its Russian unit amidst growing pressure to do so. The bank's CEO, Johann Strobl, indicated that he was working "at full capacity" to find a solution.