Austria backs sanctions against Russia after Ukraine removes Raiffeisen Bank from list of war sponsors

Austria has approved the 12th package of EU sanctions against Russia after Ukraine's National Agency on Corruption Prevention removed the Austrian banking group Raiffeisen Bank International (RBI) from the list of international war sponsors.

That's according to Reuters, Ukrinform reports.

"Austria's sanctions reservation is lifted," an EU diplomat said.

Austria had wanted Raiffeisen removed from the blacklist in return for signing off on the latest EU sanctions package against Russia. The Ukrainian list dubbed "international sponsors of war" sets out to shame companies doing business in Russia and supporting the war effort by, for instance, paying taxes.

The blacklist has no legal standing, but it is symbolically important, reinforcing public pressure on Raiffeisen to quit Russia, something the Austrian bank has said it is willing to do but which has yet to happen.