According to Austira's Finance Minister Magnus Brunner, the government is closely monitoring the banking turmoil in Europe and the USA. He stressed the point that there are no credible signs that it will spread into Austria's financial sector.
He noted how Australia's banks had prepared themselves after the 2008's financial crisis. This has enabled Austria's banks to become well-prepared for any banking turmoil.
Magnus Brunner also took this opportunity to defend the RBI (Raiffeisen Bank International) over allegations that it is still operating in Russia.
For now, this is the only bank that offers a lifeline to businesses and people who want to make international payments. But it appears that the Austrian lender is under very high pressure to quit the Russian markets. Considering the pressure is coming from big Western officials, it can't be taken so lightly!
Just last month, RBI received an information request from the sanctions authority of the USA. They requested the RBI to disclose information about its operations in Russia.
To shake off the pressure, the RBI is now considering spinning off its Russian operations or selling them to another entity.
Burnner made it clear that the RBI is in complete compliance with all the international sanctions & and that there's no fear of any sanctions on the bank itself.
He also pointed out how several European banks are still operating in Russia legally, and if sanctions must be applied, then it must be a level playing field.
The finance minister also highlighted how the Austrian inflation reading was only 9.2% during March. He added that it is still high and the ECB needs to take additional measures.
According to Brunner, the ECB is the only one that can do something about red-hot inflation, and the eurozone members are dependent on the European central bank.