Investment firm Grizzly Research published a report accusing Raiffeisen Bank International of facilitating $1.191 billion in trade involving Western sanctions restrictions. Of those flows, approximately 106.75 million euros concerned goods on the Common High Priority List, including rifle scopes and missile and tank components. Grizzly also alleges that 12.6 billion euros in cash are trapped in Russia versus only 735 million euros officially disclosed by the bank. RBI shares dropped nearly 9% on the day the report was published, before the bank rejected the accusations. AO Raiffeisenbank, its Moscow subsidiary, remains the largest unsanctioned Western bank still operating in Russia.
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