Austria's government is monitoring the global banking turmoil but there are no signs of it spreading to the country's financial sector.

Finance Minister Magnus Brunner stated that Austrian banks did their homework well after the financial crisis and are well-prepared.

Raiffeisen Bank International (RBI), the most important Western bank in Russia, is under pressure from Western officials and investors to quit due to the war in Ukraine.

The bank is currently considering a sale or possible spin-off of its Russian business.

However, Brunner defended RBI, stating that the bank complies with all international sanctions and is not subject to sanctions itself.

Other European banks also continue to operate legally in Russia.

Brunner called on the European Central Bank to do more to contain inflation, as Austrian inflation was estimated to be 9.2% in March.

Austria is a member of the euro zone and is dependent on the ECB.

Brunner stated that all sanctions must be observed, emphasizing the importance of complying with international regulations.

RBI offers a lifeline to people and businesses in Russia seeking to make international payments.