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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.
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.
A Russian court has ordered Austrian bank Raiffeisen International to pay €2 billion in damages for a failed deal, marking a significant escalation in tensions between Russia and the West. The ruling, seen as a warning to Western companies, follows the collapse of a transaction involving a Russian-held stake in an Austrian automaker due to U.S. sanctions. This decision highlights the deteriorating relations between Russia and Austria, as well as the increasing risks for businesses operating in Russia amid ongoing geopolitical conflicts.
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.
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.
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.
A Russian court has postponed the STRABAG lawsuit to January 20, following unsuccessful motions by the Austrian parties to dismiss or transfer the case. The dispute involves Rasperia, previously controlled by sanctioned oligarch Oleg Deripaska, seeking to enforce a share takeover by Raiffeisenbank Russia after a failed acquisition. Concurrently, Raiffeisenbank Russia is interested in another lawsuit in Moscow regarding Rasperia's ownership structure, with implications for the Kaliningrad case.
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.
Oleg Deripaska
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