Raiffeisen Bank Wins €3.15B Default Judgment Against Rasperia
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Raiffeisen Bank Scores €3.15B Default Judgment Against Rasperia in Austria
Raiffeisen Bank’s Legal Victory and Its Implications
Overview of the Default Judgment
Sept 22 (Reuters) – Raiffeisen Bank International said on Tuesday a regional court in Vienna has issued a default judgment against European Union-sanctioned Russian firm Rasperia, ordering it to pay damages of about €3.15 billion ($3.60 billion).
Appeal Process and Enforcement
The lender said Rasperia has four weeks to appeal. If it does not, the judgment will become final and RBI will ask Austria’s financial market regulator to release Rasperia’s frozen Austrian assets so it can enforce the damages claim.
Details of Frozen Assets
Those assets, frozen under European Union sanctions, include 28.5 million shares in Austrian construction group Strabag, dividends accrued since 2021 and proceeds from a capital reduction carried out in March 2024.
Statements from Raiffeisen Bank
“We have a responsibility to the shareholders of Raiffeisen Bank International to effectively address the damage incurred in Russia. Today’s judgment is an important step in this process,” CEO Michael Hoellerer said in a statement.
Rasperia’s Response
Rasperia could not immediately be reached for comment outside regular business hours.
Background of the Dispute
Failed 2023 Deal and Its Consequences
RBI’s claim stems from a dispute over a failed 2023 deal, under which its Russian unit planned to acquire Rasperia’s stake in Strabag, a transaction later abandoned because of sanctions concern.
Russian Court Ruling and Counterclaims
A Russian court subsequently ordered RBI’s Russian subsidiary to pay €2 billion in damages to Rasperia, prompting the Austrian lender to pursue compensation through Rasperia’s frozen assets in Austria.
Raiffeisen’s Damages Claim
Raiffeisen sought about €3.15 billion in damages from Rasperia, arguing the Russian judgment had caused it substantial losses.
Additional Information
($1 = 0.8746 euros)
(Reporting by Bipasha Dey in Bengaluru; Editing by Shilpi Majumdar)
