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Raiffeisen Bank Could Reclaim $2.3 Billion if EU Approves Unfreezing Russian Oligarch Funds
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The European Union is preparing to lift sanctions on assets linked to Russian oligarch Oleg Deripaska, enabling Raiffeisen Bank International (RBI) to recover a $2.3 billion fine paid to Russia, Financial Times reported on October 3.
According to European officials, this move involves unfreezing shares in the Austrian construction company Strabag, once part-owned by Deripaska, which would be transferred to Raiffeisen as compensation for the court-ordered damages.
The decision has sparked concern among some EU members who argue it could set a dangerous precedent by legitimizing Russia’s confiscation of assets from Western companies in retaliation for sanctions, Financial Times writes.
Despite these concerns, the proposal is under discussion as part of the latest EU sanctions package.
Raiffeisen has been under pressure to wind down its operations in Russia, but Russian regulators are unwilling to let it go, since it’s one of the few access points into the SWIFT payment system in entirety of Russia, making it one of the last major Western banks remaining in the country.
While some officials argue that the move would prevent Deripaska from benefiting twice, the plan raises concerns about further empowering Russia to bypass EU sanctions through legal means, according to Financial Times.
Previously, it was reported that in response to potential European Union actions to seize Russian assets, Russian leader Vladimir Putin has signed a decree to expedite the sale of state-owned assets, including those of foreign companies operating in Russia.
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