Raiffeisenbank Russia Faces New Legal Challenges Despite Two Billion Euro Settlement

Raiffeisenbank Russia is encountering fresh legal hurdles following the challenging process of lifting an interim court injunction that prohibits any potential sale of the bank. This complication persists even after the transfer of two billion euros in damages to Rasperia Trading Limited, a Russian shareholder of Strabag. According to the Russian court register, Rasperia is seeking to maintain the sales ban and additionally aims to restrict legal actions by defendants outside of Russia.

In early June, Raiffeisenbank Russia submitted a renewed request to the Commercial Court of Northwestern Russia to overturn the interim sales ban that was imposed during the damages lawsuit initiated by Rasperia Trading Limited on September 4, 2024. The request is supported by the Strabag shareholders who are co-defendants; however, Rasperia has filed objections to this application, contending that the court's decision from January 21, 2025, has not yet been fully implemented. A judge has postponed the decision on the bank's request until June 18.

RBI, the parent company of Raiffeisenbank Russia, acknowledged that the damages and interest payments were fully executed through the seizure from the bank's correspondent account at the Central Bank of Russia. A spokesperson for RBI commented on the situation but refrained from speculating on Rasperia's statements, which they do not have immediate knowledge of. Additionally, Raiffeisenbank Russia has filed a request with the Supreme Court of the Russian Federation regarding the sales injunction.

Rasperia has also lodged a new lawsuit at the Commercial Court in Kaliningrad, seeking to bar the Strabag shareholders and Raiffeisenbank Russia from pursuing legal actions in jurisdictions outside of Russia. The legal team at RBI is currently reviewing this new claim. The case is being handled behind closed doors, with the first hearing scheduled for July 16. Rasperia's legal counsel indicated that the objective of this lawsuit is to prevent the defendants from engaging in arbitration proceedings in the Netherlands, with proposed penalties for violations amounting to one billion euros.

This ongoing legal conflict is rooted in disputes between Rasperia, a Russian shareholder in Strabag, and the Austrian co-shareholders of the construction company. Rasperia Trading Limited, historically controlled by oligarch Oleg Deripaska, was stripped of its power within Strabag as a consequence of EU sanctions and subsequently turned to the Kaliningrad Commercial Court in August. Despite the Austrian defendants questioning the court's jurisdiction, the Kaliningrad court ruled in January that Rasperia's claims were valid, a decision upheld by a higher court in St. Petersburg in April.

In late April, the court ordered the seizure of 1.87 billion euros in damages and an additional 174 million euros in interest from Raiffeisenbank Russia's correspondent account at the Central Bank of Russia. Furthermore, the Russian court declared Rasperia's shares in Strabag as the property of RBI's Russian subsidiary based on questionable legal grounds. It is important to note that Russian court rulings do not carry binding authority in Austria, particularly regarding the mandated transfer of shares.

The lawsuit against Raiffeisenbank Russia was initiated primarily due to its connection with Raiffeisen-Holding Niederösterreich-Wien, which owns 25 percent of RBI, the parent company of Raiffeisenbank Russia. Given that only the Russian subsidiary holds substantial assets among the defendants, any legal decisions made in Russia are of significant economic importance to the bank, especially in light of ongoing discussions regarding the potential sale of the Russian subsidiary and the implications of the existing sales ban.