Raiffeisen Bank International (RBI) has notably scaled back its operations in Russia and withdrew from Belarus in November 2024. This strategic shift has mitigated nonfinancial risks and reduces the likelihood of significant impacts from reputational risk, in our view, despite significant ongoing sanctions from the global community against Russia. We also assess the bank's risk organization as positive, with a sound compliance framework, effective IT monitoring, and adequate resources to provide effective support for the bank's sanctions compliance, anti-money-laundering, and counter-terrorism financing (AML/CTF) regulations. At the same time, the wider Raiffeisen Banking Group (RBG) maintained good financial performance and strong capitalization in 2024 despite a deterioration in asset quality. We therefore revised our outlook on the bank to stable from
