Russia will always remain important to Europe, Austrian Foreign Minister Alexander Schallenberg said on Wednesday, noting that it is delusional to think otherwise, Reuters reports, citing Agerpres.

Schallenberg defended Raiffeisen Bank International, the country’s second-largest bank, which has been criticized for continuing to do business in Russia after the invasion of Ukraine began, and said it was unwise to cite the bank as a single example in the context of many other Western companies doing the same. exactly.

“To think that Russia will cease to exist and that we can disassociate ourselves from it in all areas is an illusion,” Schallenberg told Reuters, adding that even if Austria loosens its ties with the country, it “cannot happen overnight “.

“Dostoevsky and Tchaikovsky remain part of European culture, whether we like it or not. She (Russia) will continue to be our biggest neighbor. It will remain the second nuclear state in the world,” said the head of Austrian diplomacy.

Austria, which has promoted itself as a bridge between East and West by turning its capital Vienna into a magnet for Russian money, is also part of a wider Western alliance that imposed sanctions on Russia after its invasion of Ukraine in February 2022.

Austria, concerned about American investigations into Raiffeisen Bank’s business in Russia

Austria still imports Russian gas, although it has said it will try to reduce this dependence in the coming years, according to Reuters. However, some Austrian officials are hoping for a quick end to the war and a return to more normal relations with Russia, sources familiar with the matter said.

Schallenberg made the comments after US sanctions earlier this year opened an investigation into Raiffeisen over its Russia-related operations, stepping up monitoring of the Austrian bank.

Raiffeisen is deeply rooted in Russia, being one of two foreign banks among 13 systemic institutions on the Russian Central Bank’s list, underscoring its importance to the Russian economy, which faces tough Western sanctions.

The Russian scheme for deferring repayment of loans to Moscow’s military sent to fight in Ukraine, in which Raiffeisen participated, also drew sharp criticism from investors.

Schallenberg said it was up to Austria to impose sanctions and said other Western banks also do business in Russia.

The head of Austrian diplomacy talks about “realism” in relations with Russia

“Austrian companies must comply with Austria’s rules, of which European Union sanctions are a part,” said the Austrian minister, exclaiming: “Let’s be realistic!”

“91% of Western companies are still in Russia and doing the right thing: waiting, limiting, sequestering assets,” he added.

“There are quite a few American banks in Russia, one of which is called Bank of America,” added Shallenberg. “This list is a Who’s Who of Western banking,” he added.

A Bank of America spokesman responded: “Our focus is on compliance with all sanctions.”

Shallenberg said that he is in favor of applying existing European sanctions, and not for the introduction of additional measures.

“This is a very strong weapon,” said the Austrian minister. “We had large-scale sanctions packages. Give them time to work!” he urged in a statement to Reuters.

Schallenberg also served as Chancellor of Austria from October 11 to December 6, 2021, acting after the resignation of Sebastian Kurz amid corruption allegations that marked the latter part of his term.

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