Some EU firms in Russia are making lots of money, while others have lost billions, as CEOs hedge their bets on the potential for a "grand bargain" that could reward their risk-taking.
Austria's Raiffeisen Bank International (RIB) saw its Russian subsidiary's profits grow 18 percent year-on-year to €1.4bn in the first half of 2025.
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.