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Austria’s Foreign Minister Defends Doing Business in Russia

Austria's Foreign Minister Defends Doing Business in Russia

Austria’s foreign minister, Alexander Schallenberg, has stated that Russia will always remain important for Europe, and that to think otherwise would be delusional. His comments come amid rising tensions between Russia and the West, particularly following the country’s recent military buildup on the Ukrainian border.

Schallenberg’s statement is notable, given the increasing criticism of Russia’s actions in recent years, including the annexation of Crimea, alleged election interference, and human rights abuses. However, his comments suggest that Austria remains committed to maintaining positive relations with Russia, despite these concerns.

Defense of Raiffeisen Bank International

Schallenberg also defended Raiffeisen Bank International, Austria’s second-biggest bank, for its business dealings in Russia. The bank has faced criticism in the past for its ties to the country, particularly following the annexation of Crimea.

However, Schallenberg argued that it was unreasonable to single out Raiffeisen Bank for doing business in Russia, given that many other Western firms also have ties to the country. He emphasized the importance of trade relations between Austria and Russia, and stated that Raiffeisen Bank was simply following the law in its business dealings.

Implications for European-Russia Relations

Schallenberg’s remarks have implications for the broader relationship between Europe and Russia. While some European countries have taken a hardline stance against Russia in recent years, others have emphasized the importance of maintaining positive relations.

Schallenberg’s comments suggest that Austria falls into the latter camp, and is committed to maintaining strong trade and diplomatic ties with Russia. This could put the country at odds with other European nations, particularly as tensions with Russia continue to escalate.

Overall, Schallenberg’s defense of Raiffeisen Bank International and his statement on Russia’s importance for Europe highlight the complex and often contradictory nature of European-Russia relations. While some countries may prioritize maintaining positive ties with Russia, others may take a more confrontational approach. As such, the situation is likely to remain fluid and unpredictable in the years to come.

Rogerio Alvarez is an experienced financial journalist and author who specializes in covering economic news for With a deep understanding of global finance and a passion for uncovering the stories behind the numbers, Rogerio provides readers with comprehensive coverage of the latest economic developments around the world. His reporting is insightful and informative, providing readers with the knowledge they need to make informed decisions about their investments and financial strategies.