Short-selling firm Grizzly Research accused Raiffeisen Bank International’s Moscow-based subsidiary, AO Raiffeisenbank, of facilitating more than $1 billion in trade connected to sanctions imposed by the EU, US, UK and Switzerland. The report identified $1.191 billion in trade flows and said about €106.75 million involved goods on the Common High Priority List, a catalog of sensitive technologies that can have military applications. Grizzly also alleged that approximately €12.6 billion in Russian cash and central bank placements are effectively trapped in Russia, compared with €735 million in legally restricted cash disclosed by RBI. The bank disputed the report’s allegations. RBI shares were down roughly 9% after the report’s publication and 7% in European midday trading Thursday. The subsidiary remains the largest unsanctioned Western bank operating in Russia, while previous exit attempts were blocked by Russian government decrees and litigation. The Russian business has remained profitable and generated net interest income and tax payments for the Russian government despite worsening geopolitical conditions.