Erste CEO Blasts Austria for Complacency About Russia Threat
(Bloomberg) -- Erste Group Bank AG Chief Executive Officer Peter Bosek criticized how little the Austrian population seems to be concerned that Russia may expand its war on Ukraine to other countries.
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While many in the Baltic region are convinced that there will be a war with Russia over the next years and preparing for such a scenario, that prospect is not an issue that seems to be on the minds of many people and politicians in Austria, Bosek said at a conference on Monday.
Bosek returned to his home country to take the Erste post in July after serving as CEO of Estonia-based Luminor Bank AS for a few years.
Austria’s economy benefited from strong ties with Russia before the country invaded Ukraine in early 2022, and many Austrian companies have since struggled to adjust. Russia still accounts for more than 80% of Austria’s gas imports, though the government has announced plans to wean itself off deliveries by 2026.
There’s also a strong political current in Austria that opposes harsher political action against Russia. The far-right Freedom Party, which criticizes European support for Ukraine, is leading polls ahead of federal elections on Sept. 29.
Austria is one of few European Union countries that is not a member of the NATO military alliance.
“Coming back now to Austria, the biggest change for me personally is the sense of urgency when it comes to Russia,” Bosek said at the conference.
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