EU Sanctions Lift Could Ease RBI's Legal Battle and Alter Strabag Ownership
Raiffeisen Bank International (RBI) faces a complex legal battle with Russian company Rasperia, owned by sanctioned oligarch Oleg Deripaska. The dispute, involving Austrian construction giant Strabag, has seen RBI's Russian subsidiary fined and its shares frozen. Now, the EU's potential move to lift sanctions could ease this pressure and pave the way for RBI to sell its shares.
The conflict began when RBI attempted to sell its shares directly but failed due to sanctions. Rasperia, linked to Deripaska, retaliated by suing RBI's Russian subsidiary and demanding a forced purchase. The ownership of Rasperia is murky, with Deripaska's ties to the company not explicitly stated but widely suspected. The company is also embroiled in disputes with Strabag and RBI due to complex ownership ties.
RBI's stock rose over six percent on Friday morning following reports that the EU might lift sanctions on Deripaska's former assets. This move could compensate RBI for a two billion euro fine imposed in Russia, with Strabag shares worth around the same amount to be released and transferred to RBI. However, this would also change the ownership and voting rights in Strabag.
The EU's potential sanction lift could help RBI sell its shares, compensating for the Russian fine and easing pressure from European and US sanctions guardians. However, this would also alter Strabag's ownership structure, raising questions about future control and influence.
