The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russia risks derailing banks’ regional plans

As Europe has stagnated since the financial crisis, Russia proved an invaluable source of returns for a handful of lucky western banking groups. But with Putin on the offensive, the rouble on the slide and recession on the horizon, its days as an engine of regional growth look to be over.

putin, russia

As head of one of the largest western banks in Russia, Sergei Monin could be forgiven for feeling uneasy about the outlook for 2015. Instead, at least at the time of Euromoney’s meeting with him in November, the CEO of Raiffeisenbank is almost astonishingly confident. “Even in a worst case scenario where all ties between Russia and the west are frozen, I think we would still be able to do good business,” he says.

It would be a mistake to dismiss this as mere bravado. Monin has had first-hand experience of Raiffeisenbank’s powers of survival. In nearly two decades since he joined the bank as a graduate in 1996, it has weathered a succession of shattering storms and in between times managed to chart a safe course through the murky waters of the Russian market, avoiding hazards that have sunk a boat-load of would-be competitors.

Sergei Monin, Raiffeissen

We are not seeing any major problems in our corporate loan portfolio. The average quality is deteriorating due to the economic slowdown, but the tendency is very gradual and the quality is still much higher than it was in 2008

Sergei Monin, Raiffeisenbank

These survival skills have proved invaluable, not only for the bank itself, but also for its Austrian parent.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree