Raiffeisen Bank International (RBI), the largest Western bank operating in Russia, has avoided a potential €1 billion penalty after a group of shareholders withdrew a legal claim. The claim was initially filed against Rasperia, a Russian company, by shareholders in the Austrian construction firm Strabag. These shareholders included insurer Uniqa and another Raiffeisen shareholder. Strabag officially announced the withdrawal of the claim on Tuesday.
RBI found itself indirectly connected to the dispute due to a complex network of cross-shareholdings involving one of its owners. The initial court ruling threatened to impose a significant penalty on the bank if the claim against Rasperia proceeded. An RBI spokesperson clarified that the bank was drawn into the dispute solely because of its assets within Russia, asserting that it had no other involvement in the matter.
Raiffeisen Bank International provides a range of banking and financial services across Central and Eastern Europe. It plays a crucial role in facilitating payments within Russia. The bank’s continued presence in Russia, more than three years after the commencement of the conflict in Ukraine, highlights the enduring connections between Moscow and Vienna. Vienna has historically served as a key hub for financial flows originating from Russia and other former Soviet states.
The withdrawal of the claim alleviates immediate financial pressure on Raiffeisen, allowing it to continue its operations in the region without the looming threat of a substantial penalty. The situation underscores the intricate financial ties that persist between European entities and Russian businesses, even amidst ongoing geopolitical tensions.
