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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.
Raiffeisen Bank International faces a potential financial setback in Russia, with a court ruling on a €1.9 billion lawsuit from Rasperia scheduled for December 25. The case, linked to sanctions affecting Strabag's shares, could significantly impact RBI's balance sheet, although the bank remains well-capitalized and plans to contest any negative judgment. Meanwhile, RBI is under pressure from the ECB and US authorities to reduce its Russian operations, with nearly €6 billion in equity currently inaccessible due to sanctions.
RBI faces potential billions in damages from a lawsuit linked to its Russian subsidiary, which could significantly impact its balance sheet. The bank is under pressure from the ECB and US sanctions to reduce its Russian operations, with profits there currently frozen due to sanctions. Despite exploring withdrawal options, RBI's plans are hindered by a Russian court's prohibition on selling its subsidiary.
Raiffeisen Bank International faces a critical Russian court ruling next week in a $2 billion lawsuit that has frozen its operations in the country, complicating its efforts to divest amid U.S. and European sanctions following the Ukraine war. The case, initiated by Russian investment firm Rasperia, seeks compensation related to Raiffeisen's failed acquisition of a stake in Austrian carmaker Strabag. With around €6 billion in Russia, the bank's future remains uncertain as it navigates intense pressure from Western authorities and ongoing tensions with Moscow.
Raiffeisen Bank International faces a critical Russian court ruling next week in a $2 billion case that has frozen its operations in the country, complicating efforts to spin off its Russian business amid U.S. and European sanctions following the Ukraine war. The court's decision prevents the bank from unlocking its substantial assets in Russia, where it has around €6 billion in deposits and international payments. Raiffeisen intends to challenge the ruling, which stems from a claim by Russian investment firm Rasperia against the bank and Austrian builder Strabag.
Raiffeisen Bank International faces a critical court ruling in Russia regarding a $2 billion lawsuit that has frozen its local operations, complicating efforts to divest its Russian business amid U.S. and European pressure following the Ukraine war. The bank, which holds significant assets in Russia, intends to appeal the court's decision, while the case stems from a lawsuit by Russian investment firm Rasperia against Raiffeisen and Austrian construction company Strabag. Despite attempts to navigate the situation, including a failed stake purchase in Strabag, the bank's future in Russia remains uncertain as it grapples with sanctions and legal challenges.
Raiffeisen banking group faces significant risks due to its Russian operations and loans to René Benko's SIGNA, with potential total losses threatening its stability. The European Central Bank is closely monitoring the situation, fearing a chain reaction that could impact regional banks. Sanctions from the US and the possibility of Russian nationalization further complicate the bank's future, as it struggles to transfer trapped profits from its Russian subsidiary.
Cyprus has revoked 77 more "golden" passports, primarily from Russian citizens, including notable figures like oligarch Alexei Kuzmichev and metals baron Oleg Deripaska. The revocations stem from false declarations, criminal backgrounds, and failure to meet naturalization requirements, bringing the total to 286. The controversial citizenship scheme, suspended in 2020, has faced increased scrutiny following Russia's invasion of Ukraine.
Oleg Deripaska
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