Raiffeisen Bank International's (RBI) purchase of a stake from construction company Strabag, linked to Russian oligarch Oleg Deripaska, remains under careful assessment for any compliance risks. This was announced by Raiffeisen Bank, reports Reuters.
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“The Group continues to work intensively on the sale or spin-off of its Russian subsidiary bank,” – RBI said in its first-quarter earnings report.
Raiffeisen wants to buy a stake in Strabag for 1.5 billion euros from a company that the construction group previously identified as controlled by Oleg Deripaska.
Raiffeisen Bank wanted to transfer the received shares to the parent Raiffeisen Bank International in the form of dividends, the Austrian bank would keep them as a long-term investment.
Recall
The “Ministry of Finance” wrote that the Austrian authorities called on Raiffeisen Bank International terminate the agreement related to Russian oligarch Oleg Deripaska, fearing a negative reaction from the United States.
RBI profits in Russia
Raiffeisen Bank International has had huge profits since the start of Russia's full-scale invasion of Ukraine thanks to its position as the largest European lender remaining in Russia.
In the nine months of 2023, more than half of the bank's profits came from its Russian division. The bank is one of the largest creditors in Central and Eastern Europe.
Bypassing sanctions
In December 2023, the Ministry of Finance wrote that Raiffeisen Bank International entered into an asset exchange agreement with Oleg Deripaska , allowing him to bypass EU sanctions restrictions and transfer to the Russian his frozen capital amounting to 1.5 billion euros.
RBI said that its Russian subsidiary would make a cash payment to Deripaska in exchange for his 28% in the Austrian Strabag, one of the largest construction companies in Europe.
Deripaska
Oleg Deripaska is the founder of aluminum production companies Rusal, Basic Element and En+ Group.
Russian share Strabag, which he owned through his company Rasperia, was frozen last year by the EU in response to the bloc naming him as a Kremlin aide in the war against Ukraine.
