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In view of president Vladimir Putin’s assault on Yukos it might seem an odd time to take on extra Russian risk. Nevertheless, that is just what RZB’s Russian subsidiary, Raffeisen Zentralbank Oesterreich (RZO), has been doing in its lending operations, and the strategy has been paying off.
Most foreign banks have restricted lending to the largest companies in Russia, such as Yukos, Norilsk Nickel, LUKoil and Sibneft. These are listed on exchanges abroad, and have international accounting standards and steady revenue streams.
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