In today's #vatniksoup, I'll be introducing a bank well-known in both Austria and Russia: Raiffeisen Bank International and its Russian subsidiary, AO Raiffeisen. It is one of the few foreign banks that still continues business-as-usual in Russia.
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The Russian branch of Raiffeisen was founded in 1996 and was expanded massively after the takeover of Russia's Impexbank in 2006. A year later they had become the largest bank that deals with foreign capital (seventh largest overall) in Russia.
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During the early 2000's Raiffeisen was opening new branches around Russia, including St. Petersburg, Samara, Yekaterinburg, Novosibirsk and Krasnodar. After 2018 they focused on digital expansion, and in 2021 they had digital presence in over 300 cities.
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The customer satisfaction at Raiffeisen is also high - in 2021, the American Forbes called it the "best bank of Russia", and in 2018 Euromoney magazine referred to it as "The best bank for private banking services for wealthy customers in Central and Eastern Europe".
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After Russia's full-scale invasion of Ukraine in Feb 2022, many Western companies and banks decided to leave the Russian market. In general, when banks leave a country en masse, it can have devastating consequences on its economy, ...
5/12
...which is why Putin has been doing everything in his power to disrupt these departures. Nowadays all big exits have to be signed by Putin himself.
Many Western banks left Russia actually already in 2014, after the annexation of Crimea.
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But some European banks, including Raiffeisen and Italian Unicredit, saw the opportunity to make some money from the war, and decided to stay.
Staying and continuing business-as-usual in Russia has been a pretty profitable deal for Raiffeisen: around 60% of its profits,...
7/12
...a total of 2 billion EUR, came from Russia. The bank holds more than 20 billion EUR of Russian money.
Raiffeisen's stay in Russia has faced some challenges lately, though - recently Russia started granting loan payment holidays to their troops who fight in Ukraine.
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The banks that grant these loans must write off the entire debt if these soldiers are either maimed or killed on the battlefield. Between Sep and Dec of 2022, these write offs were worth 800 million EUR. By granting these loans, both Raiffeisen and Unicredit are complicit..
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...in funding Russia's barbaric invasion. In Jan 2023, US Treasury launched an investigation concerning potential breach of Western sanctions. In addition, The European Central Bank has been pushing Raiffeisen to leave the profitable Russian market.
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On 30 Mar 2023, Raiffeisen called its critics "morally arrogant", and the moralizing from a "risk free zone of comfort". It's worth noting that one of the most sound critics of Raiffeisen has been President Zelenskyy, who hardly operates from a "risk free zone of comfort".
In today’s #vatniksoup, I’ll discuss the Wagner Group, its founders Yevgeny Prigozhin and Dmitry Utkin, and the mutiny they started on 23 Jun 2023. The event marked the climax of the Wagner Group–Russian MoD conflict, and finally led to the deaths of Prigozhin and Utkin.
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Wagner has been used in many conflicts around the world, but they came to global prominence during the war in Donbas in 2014-2015. Wagnerites helped the Donbas separatists fight against the Ukrainians during the conflict, which helped Putin to “outsource” the insurrection.
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The group doesn’t have any central ideology, but many of its members and leaders have ties to various neo—Nazi movements in Russia. For example, Wagner leader Dmitry Utkin had several Nazi symbols tattooed on his body. Neo—nazi group Rusich has also fights as part of Wagner.
3/22
In today’s #vatniksoup, I’ll introduce an Amsterdam-based propaganda channel, Bonanza Media (@bonanzamedia2). It’s best-known for producing & spreading online pro-Kremlin propaganda videos while closely coordinating & collaborating with the Russian intelligence agency GRU.
1/19
Russian intelligence has been extremely active in the Netherlands for a long time. For example in 2018, four GRU agents were caught while trying to hack into OPCW,an organization that monitors the use of chemical weapons. In addition, the International Criminal Court (ICC)…
2/19
…and the MH17 investigation have become targets for the Russian intelligence and propaganda operations. These operations are often complemented with “investigative journalism” media outlets, that often echo the Kremlin’s propaganda and disinformation.
In today’s #vatniksoup, I’ll talk about the recent EU elections and what are their implications for both the Kremlin and Ukraine. Right-wing political parties, some pro-Kremlin, won a lot of seats around Europe, and this result can also change the EU’s stance on Ukraine.
1/19
But before we start, I want to promote a truck fundraiser I'm doing together with the fantastic @ArturRehi and @69thSB.
Our goal is 20 000 USD, and you can contribute to this important fundraiser here:
EU’s support of Ukraine is essential for their survival against genocidal Russia. So far,this support has been delayed mostly by Orban’s Hungary (& to some degree, Fico’s Slovakia). Now, this support will probably be challenged by many new members of the European Parliament.
3/19
In today’s #vatniksoup, I’ll discuss a specific propaganda/disinformation that the Kremlin likes to use – antisemitism. I also talk about how the Russian society itself has become riddled with antisemitism & how this has led to a decrease in Jewish population in the country.
1/19
Russian antisemitism works on many levels, and their narratives vary depending whether they’re targeting a local audience or people in Europe and the US. For example for the latter, Russia attempts to create a false narrative of Ukraine being an antisemitic “Nazi state”.
2/19
But before diving deeper, let’s look at a survey data of Russians in 2023: Nearly 30 million Russians harbour antisemitic attitudes, and 15% of those surveyed believed that “Jews were responsible for most of the world’s wars.” 38% think that the Jews have...
In today’s #vatniksoup, I’ll introduce a Ukrainian media personality and propagandist, Diana Panchenko (@Panchenko_X). She’s best-known for betraying her own country by peddling anti-Zelenskyy and anti-Ukraine propaganda and disinformation for the Kremlin.
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Panchenko was born in 1988 in the Mykolaev Oblast in Ukrainian SSR in 1988. She studied publishing and editing at the Igor Sikorsky Kyiv Polytechnic Institute and later graduated from Taras Shevchenko National University of Kyiv with a degree in law.
2/22
After graduating, Diana worked briefly for the news site . Between 2010 and 2015, Panchenko was a presenter for KyivTV, but she found her true calling as a pro-Kremlin propagandist after she was hired by a national “news channel” called NewsOne.