Austria's RBI says Russian unit will book nearly $400 mln provisions in Rasperia lawsuit
Raiffeisen Bank International's Russian unit will book nearly $400 million in provisions due to a lawsuit by Rasperia.Summary
Austrian lender Raiffeisen Bank International (RBI) announced that its Russian unit, AO Raiffeisenbank, will book provisions of 339 million euros ($397.38 million) in the fourth quarter related to a second lawsuit filed by Russian investment firm Rasperia. The Arbitration Court of the Kaliningrad Region ruled that Strabag and its Austrian shareholders are liable to pay Rasperia, with the verdict enforceable against Raiffeisenbank’s assets.
This follows a January ruling where Raiffeisen was initially ordered to pay 2 billion euros to Rasperia in a significant case against a Western company operating in Russia. Rasperia expressed satisfaction with the court’s decision, stating it defends Russian investors and recovers funds blocked by European sanctions.
Raiffeisenbank maintains it categorically disagrees with the liability and the ruling, emphasizing it is not a party to the dispute. Despite this, the court has ordered the recovery of approximately 340 million euros from the bank’s accounts. Raiffeisen plans to appeal the verdict, stating it will have no impact on the RBI Group’s financial results outside of Russia. Following the announcement, Raiffeisen shares fell by as much as 3.6%.
(Source：Reuters)