If Rasperia does not lodge an appeal within four weeks of the ruling, it will become final, Reuters reports. In that case, the Reserve Bank of India will be able to ask the Austrian financial market regulator to unfreeze Rasperia’s frozen Austrian assets so that the bank can recover compensation.
According to Reuters, these assets, frozen in accordance with EU sanctions, include 28.5 million shares in the Austrian construction group Strabag, dividends accrued since 2021, and proceeds from a capital reduction carried out in March 2024.
The Reserve Bank of India’s (RBI) claim relates to a dispute over a failed 2023 deal, under which its Russian subsidiary had planned to acquire Rasperia’s stake in Strabag, the publication explains.
However, the deal was subsequently cancelled due to concerns over sanctions. As a result, a court in Russia ordered the RBI’s Russian subsidiary to pay Rasperia €2 billion in compensation for damages. This prompted the Austrian bank to seek compensation through Rasperia’s frozen assets in Austria.
“We are accountable to the shareholders of Raiffeisen Bank International for effectively remedying the damage caused in Russia. Today’s court ruling is an important step in this process,” Reuters quotes the group’s CEO, Michael Höllerer, as saying.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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