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RBI plans to appeal a Russian court ruling that mandates it and other Strabag shareholders pay €2.044 billion to Rasperia Trading Limited, which is unable to access its 24.1% share package due to sanctions. The bank may also pursue legal action in Austria to recover Rasperia's assets. Meanwhile, Kremlin officials warn that Western sanctions will have repercussions for those involved.
The Kremlin has warned that "unfriendly actions" against Russia will have consequences, following a court ruling that Strabag and its shareholders must pay over 2 billion euros to Rasperia Trading Limited. This ruling could impact the Russian subsidiary of Raiffeisen Bank International, which has nearly 6 billion euros in equity tied up. RBI plans to pursue legal action in Austria to access Rasperia's assets to mitigate potential losses.
Raiffeisen Bank International faces significant risks in Russia, highlighted by a recent court order linked to a failed deal. With around 6 billion euros in the country, the bank is caught between complying with local regulations and pressure from Western authorities to limit its Russian exposure. Kremlin spokesman Dmitry Peskov warned that hostile actions against Russia would have consequences, leaving the fate of Raiffeisen's frozen assets uncertain.
The Kremlin warned that "unfriendly actions" against Russia will have consequences, following a court order for Raiffeisen Bank to pay 2 billion euros in damages related to a failed deal. Raiffeisen, the largest Western bank in Russia, faces pressure to comply with local regulations while managing its significant exposure amid Western sanctions. The situation highlights the risks of operating in Russia, especially as the bank navigates frozen assets and legal challenges.
The Kremlin stated that unfriendly actions against Russia will have consequences, following a court ruling that ordered Raiffeisen Bank to pay 2 billion euros in damages. This ruling underscores the risks for Raiffeisen, the largest Western bank in Russia, as it navigates compliance with local regulations while facing pressure from Western authorities. The bank holds significant assets in Russia, including around 6 billion euros in international payments and deposits.
FMA board members express confidence in Raiffeisen Bank International (RBI) despite a Russian court ruling that could impose a €2 billion liability on Strabag shareholders. They assert that RBI's financial health remains strong, with significant equity in Raiffeisen Russia, and that a complete withdrawal from Russia is not feasible due to regulatory constraints. The bank's involvement in the ongoing legal dispute is minimal, as it does not directly hold shares in Strabag.
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 faces a potential €1.9 billion fine in a Russian court over claims related to Western sanctions and its subsidiary's activities. The upcoming hearing on December 25 could significantly impact the bank's balance sheet, as it has been under pressure from the ECB and US sanctions authorities to reduce its Russian operations. Despite being active in Russia for over 30 years, RBI has struggled to navigate the complexities of sanctions and legal disputes, with nearly €6 billion of equity currently tied up in the country.
Raiffeisen Bank International faces a potential €1.9 billion fine in a Russian court over claims from investment holding Rasperia, linked to sanctions affecting its subsidiary. The bank, under pressure from the ECB and US authorities, is exploring a majority sale but is hindered by a court order. With over 30 years in Russia, RBI's operations are significantly impacted by sanctions, tying up nearly €6 billion in equity.
Raiffeisen Bank International faces a potential €1.9 billion fine in a legal dispute over its Russian operations, with a court hearing scheduled for December 25. The lawsuit, initiated by Russian investment holding Rasperia, could significantly impact the bank's balance sheet, as it has over €6 billion tied up in Russia due to sanctions. Despite not being directly accused of misconduct, RBI is under pressure from the ECB and US authorities to reduce its Russian activities.
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