Austria's Raiffeisen Bank International said on Tuesday it reduced its loan volume by 30% in Russia at the end of last year, as it sought to pare back its business in the country in response to unrelenting regulatory pressure.

Raiffeisen Bank International reported its first quarterly net loss in nine years after allocating $867 million for an adverse court ruling in Russia, Bloomberg reported on Feb. 4. Raiffeisen is the largest Western bank still operating in Russia.

Austrian Raiffeisen Bank International AG (RBI) has come under scrutiny after Bloomberg revealed that it benefited from activities supporting the Russian war industry in Ukraine. The company reportedly gained approximately CAD 830,