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Protests erupted during Raiffeisen Bank International's Annual General Meeting, focusing on the bank's operations in Russia. An activist shareholder interrupted the meeting, accusing the bank of "warmongering," while CEO Johann Strobl reiterated plans to further reduce Russian business amid ongoing legal disputes with Rasperia. Additionally, the bank faces a €50 million increase in levy costs this year, which has been criticized as a hindrance to economic growth.
During Raiffeisen Bank's Annual General Meeting in Vienna, a shareholder interrupted the proceedings with loud accusations regarding the bank's investments in Russia, claiming they support the ongoing war. Despite attempts by Supervisory Board Chairman Erwin Hameseder to restore order, the meeting was briefly halted. Raiffeisen Bank is in the process of withdrawing from Russia but faces a legal dispute with Rasperia, which is seeking 1.9 billion euros in damages related to frozen investments.
RBI's Annual General Meeting faced protests, with activists accusing the bank of "warmongering" and demanding an end to its operations in Russia. Despite these disruptions, RBI reaffirmed its commitment to scaling back its Russian business, while also preparing to seek damages from Rasperia if a court ruling is upheld. In Vienna, RBI shares saw a temporary increase of 1.54%, reaching 26.40 euros.
Raiffeisenbank Russia faces a significant legal challenge as a St. Petersburg court rejected its appeal against a Kaliningrad court's temporary injunction. The bank must prepare for an appeal hearing on April 24 regarding a €2.044 billion lawsuit from Rasperia Trading Limited, linked to EU sanctions against Russian oligarch Oleg Deripaska. If the appeal fails, Rasperia could access Raiffeisenbank's funds, complicating the transfer of STRABAG shares due to existing sanctions.
Raiffeisenbank Russia faces a significant legal challenge as its appeal against a Kaliningrad court's ruling, which could require it to pay Rasperia Trading Limited €2.044 billion and transfer STRABAG shares, is set for a hearing on April 24. The case stems from Rasperia's claims related to EU sanctions against its former owner, Oleg Deripaska, and highlights the complex legal entanglements involving Raiffeisen's connections to STRABAG. Meanwhile, RBI shares dropped 1.62% amid ongoing uncertainties.
Raiffeisenbank Russia faced a setback in court as its appeal against a sales prohibition was rejected, with a crucial hearing set for April 24 regarding a €2.044 billion lawsuit from Rasperia Trading Limited, linked to EU sanctions against its former owner, Oleg Deripaska. If the appeal fails, Rasperia could access funds from the bank, complicating the share transfer process due to EU restrictions. The case highlights the intricate ties between the parties involved, particularly through Raiffeisen-Holding Niederösterreich-Wien.
Raiffeisenbank Russia faced another legal setback as a St. Petersburg court rejected its appeal against a temporary injunction preventing ownership changes, linked to a billion-euro lawsuit from Rasperia Trading Limited, a shareholder in Strabag. A decisive appeal hearing is set for April 24, where the court will determine if the bank must pay 2.044 billion euros in damages and transfer Strabag shares, complicated by EU sanctions against Rasperia. The case stems from a dispute over sanctions related to Russian oligarch Oleg Deripaska, with the lawsuit targeting Raiffeisenbank based on its connection to Raiffeisen-Holding.
Raiffeisen Bank is compelled by a Kaliningrad court to purchase a 28.5 million share stake in Strabag from Rasperia for around two billion euros, despite EU sanctions against Rasperia's former owner, Oleg Deripaska. This ruling could facilitate significant asset transfers between Russian and European firms, as Strabag benefits from shedding a "toxic" shareholder and gaining access to Raiffeisen's financing. The market reacted positively, with Strabag shares soaring to an all-time high following the court's decision.
Raiffeisenbank Russia has appealed a Kaliningrad court ruling that ordered it to pay €2 billion in damages to Rasperia, a shareholder in Strabag, and to take over its shares. The appeal, submitted on February 21, indicates that a sale of Raiffeisenbank Russia remains prohibited due to an interim injunction, which is likely to stay in effect until a final ruling is made.
Raiffeisen Bank's Russian unit has facilitated transactions for firms supplying materials to Russia's military, generating significant profits despite sanctions. Documents reveal that Unichim, a chemical company, provided acids for military systems, while Raiffeisen processed payments linked to sanctioned entities. The bank faces pressure to exit Russia amid regulatory scrutiny, yet it remains entangled in the war economy, accumulating stranded capital.
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