Austria's Role in Blocking EU Sanctions on Russia

Austria is blocking the adoption of EU sanctions on Russia in order to protect Raiffeisen Bank, which does business in Russia. The Austrian government is holding talks with Ukraine to pressure them into delisting Raiffeisen Bank from its Sponsors of War register. The 12th round of Russia sanctions would impose an EU ban on imports of Russian diamonds, tighten exports of high-tech goods, and blacklist mercenary firms. Raiffeisen Bank has 9,000 employees in Russia and made €2bn profit last year. Austria's tactics are reminiscent of Hungary's playbook, which also delayed EU sanctions until Ukraine delisted a Hungarian bank.