U.S. warned Raiffeisen access to dollar system could be curbed over Russia

Raiffeisen Bank International was warned by the U.S. Treasury in writing that its access to the U.S. financial system could be curbed because of its Russia dealings, according to a person who has seen the correspondence.
On May 6, Deputy Secretary of the Treasury Wally Adeyemo sent a letter to RBI, expressing concern about RBI’s expansion in Russia as well a $1.5 billion deal with a sanctioned Russian tycoon that the bank has since aborted, according to the person, who requested anonymity because the matter is private.
While the deal linked to Oleg Deripaska was ditched by Raiffeisen days after the letter arrived, the source said that U.S. Treasury’s concerns over Raiffeisen’s business in Russia remain.
The warning is the strongest yet to the biggest Western bank in Russia and follows months of pressure from Washington, which has been looking into the Austrian lender’s business in the nation for more than a year.