On Thursday, the Russian government commented for the first time on a Russian court’s ruling on Strabag and its consequences for the Russian subsidiary of Raiffeisen Bank International (RBI).
Unfriendly actions against Moscow must have consequences, Kremlin spokesman Dmitry Peskov demanded, according to a Reuters news agency report, in response to a question about Raiffeisen’s assets in the country. After the ruling, the RBI subsidiary was forced to take measures.
Asked whether Western action against frozen Russian assets could jeopardize Raiffeisen’s funds in the country after the court ruling, Peskov said: “I leave this without comment.” I would just like to emphasize that unfriendly actions towards the Russian Federation will inevitably have consequences for those who undertake them.” According to agency reports, Raiffeisen Russia has now tied up almost six billion euros in equity.
A court order could be enforced against RBI’s subsidiary
Last Monday, a court in Russia ruled that Strabag and its core shareholders, Raiffeisen-Holding Niederösterreich-Wien, Uniqa and the Haselsteiner family, must pay Russian co-owner Rasperia Trading Limited EUR 2.044 billion and that the judgment against the assets of the Russian RBI -Daughter can be enforced.
The RBI said that depending on further developments in the Russian courts, it would also take legal action in Austria to access Rasperia’s assets in Austria to limit the damage. Rasperia currently owns 28.5 million Strabag shares, which were recently worth around 1.2 billion euros on the Vienna Stock Exchange.
If the entry is successful, it would be close to the failed deal through which the RBI tried to extract profits from Russia. Rasperia’s Strabag shares would be acquired by RBI’s Russian subsidiary and then flow to the parent company as an in-kind dividend.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
