The EU can bear sanctions to the Russian oligarch to transfer assets to Bank Raiffeisen

The European Union may endure sanctions imposed on assets associated with the Russian oligarch Oleg Deripaska to compensate for Raiffeisen Bank International Damage that he had to bear as a result of the judgment of the Russian court, “Financial Times said on Friday, citing European officials.

According to people familiar with the case, the latest project regarding sanctions against Russia included decisions regarding the frostbite of the Austrian construction company Strabag, whose shareholder was Oleg Deripaska. Their value is estimated at around EUR 2 billion.

These assets are to fall to Bank Raiffeisen, which will compensate for the penalty imposed on this bank by a Russian court.

EU sanctions were imposed on a Russian oligarch in connection with the alleged provision of material support for the “Russian military and industrial complex” during the Kremlin's full-size invasion of Ukraine.

According to the British newspaper, Some European officials are afraid that “this move is legitimizing the actions of oligarchs to circumvent EU sanctions against Russia and strengthens Russian courts, which in retaliation for sanctions order a confiscation of Western assets.” According to sources, the ambassadors of several EU countries are to meet on Friday to discuss a new package of restrictions on Russia. An objection to the move proposed by Austria is expected.

“FT” reminded that Raiffeisen is a western bank and market leader in Russia since 2022, when the invasion of Russian troops in Ukraine began on a full scale. At that time, the bank was under pressure from regulators and foreign governments to leave Russia – as many other Western companies did.

The Austrian bank is trying to limit its activities, but Russian regulators do not want to allow it. According to people close to the case, Raiffeisen, as one of the few banks, now provides the Russians with access to the SWIFT international interbank payment system. The British newspaper predicts that “potential sales (Raiffeisena) would probably lead to the West to impose sanctions on the bank and its owner, cutting it off from world markets.”

The diary stated that Bank and Deripaska unsuccessfully tried to exchange assets to frostbt the Russian 24 % shares at Strabagowned by his company Rasperia. The transaction failed in connection with the fears that the EU sanctions would happen in this way.

Then the EU and the US imposed sanctions on another Russian oligarch, Dmitry Belogłazowa, and several entities involved in this operation. Deripaska sold Rasperia, including the frozen actions of Strabag, Belogłazow. As a result, Rasperia sued Raiffeisen. The Russian court ordered the Austrian bank to pay EUR 2 billion in compensation and transfer the Strabag shares to Raiffeisen.

The statement issued in January by the bank emphasized that the judgment “has no binding power in Austria, and therefore the transfer of shares is impossible.” It was also noted that “Strabag actions belonging to Rasperia are subject to freezing assets under the EU sanctions, which currently also prevents their transfer.”

As “FT” explains, “the proposal, which is currently the subject of discussion in Brussels, would enable Raiffeisen to take over the ownership covered by the sanctions of the action, which in practice would mean the implementation of the decision of the Russian court.”

From London Marta Zabłocka (PAP)

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