EU plans to transfer assets linked to Russian oligarch Deripaska to Raiffeisen - Financial Times
Kyiv • UNN
The EU plans to unfreeze €2 billion worth of Strabag shares linked to Deripaska to compensate Raiffeisen Bank International. This decision is prompted by a fine the bank was forced to pay in Russia.
The EU is preparing to lift sanctions on assets linked to Russian oligarch Oleg Deripaska to compensate for losses incurred by Austrian bank Raiffeisen Bank International, which was forced to pay compensation in Russia. This is reported by the Financial Times, citing informed sources, writes UNN.
Details
According to the latest draft of the EU's sanctions package against Russia, the provisions envisage unfreezing shares in the Austrian construction company Strabag worth about 2 billion euros, which were previously partly owned by Deripaska.
These assets will become the property of Raiffeisen and will compensate for a 2 billion euro fine that the bank was forced to pay after a Russian court ruling in favor of a company linked to Deripaska, officials said.
The sanctions were imposed because Deripaska was suspected of providing material support to "Russia's military-industrial complex" during the full-scale invasion of Ukraine.
However, some European officials are concerned that this move could legitimize oligarchs' attempts to circumvent EU sanctions against Russia and strengthen the authority of Russian courts, which are ordering the confiscation of Western assets in response to sanctions.
According to sources, ambassadors from several EU member states are expected to object to this initiative — which was proposed by Austria — during a meeting on Friday to discuss the new sanctions package.
Addition
Raiffeisen is the Western bank with the largest presence in Russia after President Vladimir Putin's full-scale invasion in 2022. However, the bank is under pressure from regulators and governments in other countries to exit the Russian market, as many other Western companies have done.
Raiffeisen is trying to wind down its operations in Russia. But, according to informed sources, Russian regulators are unwilling to allow the bank to leave, as it remains one of the country's few channels for accessing the international interbank payment system SWIFT.
A potential sale could lead to Western sanctions against the bank and its owners, effectively cutting it off from global financial markets
Earlier, Raiffeisen and Deripaska tried, but unsuccessfully, to implement a complex asset swap scheme to unfreeze 24% of Strabag shares owned by Deripaska through his company Rasperia.
This deal ultimately fell through due to fears that it would circumvent EU sanctions. Subsequently, the EU and the US imposed sanctions on another oligarch — Dmitry Beloglazov — and several related entities. Deripaska sold Rasperia, including the frozen Strabag shares, to Beloglazov.
After that, Rasperia sued Raiffeisen in Russia, where the Austrian bank was forced to pay 2 billion euros in compensation. The court also ordered the transfer of Strabag shares to Raiffeisen's ownership.
In January, Raiffeisen stated that this decision "is not binding in Austria, and therefore the transfer of shares cannot be carried out." It was also noted that "the shares of STRABAG SE owned by Rasperia are subject to asset freezing under EU sanctions, which currently also makes their transfer impossible."
The new proposal, currently being discussed in Brussels, would allow Raiffeisen to take ownership of the sanctioned shares — effectively recognizing the Russian court's decision.
Officials warn that this would set a precedent where Russian courts could seize frozen assets, and it would encourage other oligarchs to act similarly.
This could become a convenient precedent for Russian entities to indirectly recover frozen funds by confiscating assets of EU subsidiaries still operating in Russia
Another source added that this decision "will cover the risks of Raiffeisen," which independently decided to remain in Russia.
Proponents of this measure believe that it will prevent the sanctioned entity from receiving money twice — first as compensation by court order, and then again when the sanctions are lifted.
Raiffeisen declined to comment on the situation. The Austrian Ministry of Foreign Affairs did not respond to a request. Representatives of Deripaska and Rasperia also did not provide comments.
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