OUR Russia will forever be important to her Europesaid the Minister of Foreign Affairs Austriaadding that to think otherwise is nonsense.

Alexander Sulenberg also defended Austria’s second largest bank, Raiffeisen Bank International, saying it was absurd to criticize a lender for doing business in Russia when many other Western companies did the same.

“To think that there will be no more Russia and that we will be cut off in all areas is a utopia,” Sullenberg told Reuters, adding that while Austria will weaken its ties, this “cannot happen overnight.”

“Dostoevsky and Tchaikovsky remain part of European culture, whether we like it or not. He will continue to be our greatest neighbor. It will remain the second largest nuclear power in the world,” he said.

Austria, which has positioned itself as a bridge between East and West by turning its capital Vienna into a magnet for Russian money, joins a group of Western countries that have imposed sanctions on Russia over its invasion of Ukraine.

Austria continues to import Russian natural gas, although it aims to reduce imports in the coming years.

However, some Austrian officials are hopeful that the war in Ukraine will end soon and relations with Russia will return to normal, people familiar with the matter say.

“Give time” to sanctions

Sullenberg’s comments follow an investigation by US financial authorities into Raiffeisen Bank International and its ties to Russia to increase control over the Austrian bank, which plays a critical role in the Russian economy.

Raiffeisen is deeply integrated into the Russian financial system and is one of two foreign banks on the list of 13 “systemically important lenders” compiled by the Russian central bank, highlighting its importance to the Russian economy, which is facing wide-ranging Western sanctions.

Russia’s program to freeze loans to soldiers fighting in Ukraine, which Raiffeisen participated in, has also drawn sharp criticism from investors.

The sanctions should be imposed by Austria, Sullenberg said, referring to other Western banks doing business in Russia.

“Austrian companies must comply with Austrian regulations, of which EU sanctions are part. Let’s be realistic. 91% of Western companies stay in Russia and do something reasonable: they expect, limit and impose separate management. There are several American banks, one Bank of America operates in Russia. The list is “who is who” in the Western banking world,” said the Austrian minister.

A spokesman for Bank of America commented: “Our operations are focused on complying with all sanctions.”

Sullenberg preferred the imposition of existing European sanctions over other measures.

“This is a very blunt weapon. We had packages with big fines. Give them time to work,” Sullenberg suggested.

^{Source: APE-MEB, Reuters}