A Vienna civil court granted a default judgment awarding about €3.15 billion to Raiffeisen Bank International and its Russian subsidiary, according to the bank and local reporting on 22 September. The defendant is EU-sanctioned Rasperia Trading. Rasperia has four weeks to challenge the judgment.
Raiffeisen filed the Austrian claim after its Russian unit suffered losses connected with litigation in Russia. In July, the bank said it intended to pursue Rasperia’s Austrian assets while complying with European Union sanctions. Those assets are currently frozen.
FROZEN STRABAG ASSETS
The targeted assets include 28.5 million shares in Austrian construction group Strabag, dividends attached to those shares since the 2021 financial year and cash from Strabag’s March 2024 capital reduction. Raiffeisen has said the damages comprise money seized in Russia, lost interest and legal costs.
The dispute followed a Russian judgment that required Raiffeisen’s local subsidiary to pay roughly €2 billion to Rasperia. Raiffeisen has said it is seeking compensation for the damage its shareholders suffered as a result of the Russian court rulings.
ENFORCEMENT STILL REQUIRES APPROVAL
A damages award does not itself release the Austrian assets. If the judgment becomes final, Raiffeisen plans to ask Austria’s Financial Market Authority, acting as the sanctions authority, to authorise release of the frozen property for enforcement.
The next milestone is whether Rasperia appeals within four weeks. If it does not, attention will shift to the Financial Market Authority’s treatment of Raiffeisen’s proposed enforcement, which remains conditional on sanctions approval and the judgment becoming final.
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