Raiffeisen Bank International (RBI) said on Thursday that it would take legal action in pursuit of around €3.15 billion ($3.58 billion) in damages from EU-sanctioned Russian firm Rasperia in Austria.
The dispute arose after Rasperia's stake in Austrian builder Strabag was frozen under EU sanctions. A Russian court later ordered RBI's Russian subsidiary to pay about €2.4 billion to the company, prompting the Austrian bank to seek compensation through Rasperia's frozen assets in Austria.
A Russian court had previously issued an injunction largely prohibiting legal action outside Russia against Rasperia, which did not immediately respond to a request for comment.
Under that ruling, however, RBI and AO Raiffeisenbank are permitted to pursue claims in Austria without facing court-imposed penalties of up to €2.85 billion, the bank said.
As this significantly reduces the risk, a lawsuit would now be filed, RBI said, adding that its management board considers a positive outcome in the proceedings "highly likely" and expects proceeds from enforcement within six to 12 months.
The frozen assets subject to European Union sanctions consist of 28.5 million Strabag (STRV.VI) shares, including retained dividends and cash distributions.
Strabag said in a statement that "any financial consequences of a breach of this order would arise only in Russia".
"As all of Strabag’s assets in Russia were already written off in the balance sheet in 2022, even the imposition of a penalty order in Russia would have no immediate impact on Strabag’s results," the Austrian construction group added.
($1 = 0.8790 euros)
