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Austria and Russia Business and Diplomatic Relations

Moody’s - Situation of Austrian Banks Improves

US rating agency Moody’s has upgraded its outlook for the creditworthiness of Austrian banks in the coming 12 to 18 months for the first time since 2009 from "negative” to "stable”. The reason for this is lower exposure to risky countries of Central and Eastern Europe, as well as stronger-than-expected capital cushion.

August 23, 2016

Immofinanz Could Get Rid of Russian Business Already this Year

The head of Immofinanz Oliver Schumy doesn’t rule out that the group could get rid of the problematic Russian portfolio already this year in form of a sales contract. Getting rid of the troublesome assets is an important precondition for the planned merger with CA Immo. In 2015/16 in Russia alone Immofinanz had to write off about EUR 470 million in property value.

July 29, 2016

Immofinanz Earnings Pulled Down by Russian Arm Performance

Austria’s listed property developer Immofinanz saw its profits plummet in FY 2015/16, mostly on account of one-off effects and the performance in Russia. The consolidated loss soared to EUR 390 million, from EUR 377 million in the previous year, the company announced.

July 28, 2016

Bank Austria's Ex-Manager Randa Reportedly a Candidate for Sberbank Europe CEO Post

Gerhard Randa, who was Bank Austria CEO in 1995-2003, is a candidate for the post of the CEO of Sberbank Europe, the bank's spokesperson told the online edition of the daily Presse. The final decision will be made by the end of the week.

June 29, 2016

Austria for Gradual Lifting of Russian Sanctions

Austria is advocating a gradual lifting of EU sanctions against Russia. Federal Chancellor Christian Kern (SPÖ) and Foreign Affairs Minister Sebastian Kurz (ÖVP) have been granted support of the parliament to submit an appeal to that end. The sanctions could be lifted according to progress under the Minsk peace process.

June 28, 2016

Warimpex to Become Active in St.Petersburg’s Special Economic Zone

With the approval of St.Petersburg’s government Warimpex Finanz und Beteiligungs AG with headquarters in Vienna will get involved in the future special economic zone "Aeropolis” at the Pulkovo 2 airport. "Aeropolis” is supposed to be built between 2016 and 2020 by the majority state-owned Bank VTB for some EUR 85.8 million (USD 97.37 million). This was reported by the Russian "Delowoj Peterburg”.

June 21, 2016

20 Years Comprehensive Nuclear-Test-Ban Treaty (CTBT): Ministerial Meeting at VIC

Marking the 20th anniversary of the signing of the Comprehensive Nuclear-Test-Ban Treaty (CTBT), a Ministerial Meeting was held at Vienna International Center. Hosting some 40 international organizations, Austria is a hub for the promotion of peace, safety and security, sustainable development and the fight against crime, drug abuse and terrorism.

June 20, 2016

Symposium in Vienna: "Current Security Challenges for Europe: NATO, its Partners and the Warsaw Summit"

The upcoming summit of the North Atlantic Treaty Organization (NATO) in Warsaw from 8th to 9th July 2016 sees the organization facing numerous challenges. The withdrawal of combat troops from Afghanistan and rising tensions in the European area – from the conflict in Ukraine to the migration crisis, effected the question of the role of NATO’s Partnership for Peace under the new circumstances. A conference in Vienna with the working title "Current Security Challenges for Europe: NATO, its Partners and the Warsaw Summit" intends to discuss these and other pertinent issues.

June 16, 2016

Russia's O1 Group Eyeing Immofinanz's Shopping Malls in Moscow

Russian investor O1 is considering the acquisition of listed real estate group Immofinanz's Moscow-based shopping malls, a top official of the Russian group said. Immofinanz has 5 shopping malls in Moscow with a book value of some EUR 1.2 billion (USD 1.36 billion), including EUR 700 million debt.

June 9, 2016

Kontrollbank: Business with Iran still Spluttering

According to Österreichische Kontrollbank (OeKB), in charge of state export guarantees, this year will witness an increase of business with Iran, following the abolishing of sanctions, but it will take some time until the business "gets going”.

May 20, 2016