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A Russian court has ordered Austria's Raiffeisen Bank International to pay a 2 billion euro penalty following the collapse of a deal linked to U.S. sanctions. This ruling underscores Moscow's resolve to retaliate against Western companies, with implications for their operations in Russia. The case highlights the ongoing tensions and risks for businesses maintaining ties with Russia amid increasing diplomatic isolation.
Russia has imposed a multibillion-dollar sanction against Raiffeisen Bank following a court ruling in Kaliningrad, marking a significant blow to the largest Western bank operating in the country. The ruling, which comes amid deteriorating relations between Russia and Austria, serves as a stark warning to Western companies about the risks of doing business in Russia. Raiffeisen, which has substantial assets in Russia, faces increasing pressure and potential asset seizures as Moscow retaliates against Western corporate presence.
The Vienna Stock Exchange saw the ATX index drop 0.71% to 3,774.20 points amid rising uncertainty over US trade policies and disappointing economic expectations from Germany. Raiffeisen shares fell 4.5% due to a court ruling requiring a significant provision, while other banking stocks showed mixed results. Telekom Austria's recommendation was upgraded despite a slight target price reduction, and DO&CO's shares remained stable with a confirmed "buy" rating.
The Kaliningrad Regional Arbitration Court has ordered Raiffeisen Bank to pay €2 billion ($2.1 billion) in damages to Rasperia Trading Limited, a company linked to Russian tycoon Oleg Deripaska. Despite the ruling, Raiffeisen Bank plans to appeal and asserts that the decision will not impact its financial stability. The lawsuit has raised concerns over legal violations during the proceedings, including the presence of armed individuals in balaclavas in the courtroom.
Raiffeisen Bank International AG faces a significant financial setback following a Russian court ruling that may impose over €2 billion in damages on its Russian subsidiary. The case involves Rasperia Trading, linked to sanctioned billionaire Oleg Deripaska, and construction firm Strabag SE. CEO Johann Strobl plans to appeal the ruling, asserting that Raiffeisenbank Russia has been wrongly implicated. Analysts estimate the bank may need to set aside at least €400 million as it navigates legal challenges while attempting to exit the Russian market, where it holds €4.45 billion in excess capital hindered by local controls.
The Vienna Stock Exchange saw the ATX drop 0.53% to 3,781.01 points amid a cautious environment, influenced by a significant decline in German economic expectations. Raiffeisen shares fell 3.5% following a Russian court ruling requiring a €2 billion provision, while Telekom Austria's stock dipped 0.5% despite an upgraded investment recommendation.
Raiffeisen Bank International (RBI) saw a significant share price increase of 4.19% to €21.38 on January 20, 2025, contributing to a monthly rise of 7.75%. The bank's market capitalization is currently €7.1 billion, with attention focused on the upcoming Q4 2024 earnings presentation on February 4, 2025, amid a provision recognition due to a recent court ruling in Russia.
A Russian court has imposed over €2 billion ($2.1 billion) in damages on Raiffeisen Bank International, marking a significant ruling against a Western bank operating in Russia. The case highlights the risks associated with doing business in the country, with Raiffeisen's lawyers alleging intimidation tactics used by the court. This ruling represents one of the largest damage awards against a Western company in Russia to date.
Raiffeisen Bank International (RBI) faces a €2 billion court ruling in Russia against its subsidiary, Raiffeisenbank, linked to a dispute involving construction group Strabag and its Russian co-owner, Rasperia. The bank plans to appeal the decision and pursue legal action in Austria to mitigate losses, as the ownership of Strabag shares held by Rasperia remains frozen due to EU sanctions. The ongoing legal battle highlights the complexities and risks of doing business in Russia post-invasion of Ukraine.
A Russian court has ordered Raiffeisen Bank International to pay over €2 billion in compensation, highlighting the risks for Western companies operating in Russia. The bank plans to appeal the decision and allocate reserves to cover the loss, while its ongoing presence in Russia reflects complex ties between Moscow and Austria amid global sanctions. Despite intentions to separate from its Russian operations, Raiffeisen continues to play a significant role in the region's financial landscape.
Raiffeisen Bank International AG
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