Raiffeisenbank International secures final legal status for €3.15 billion award against Rasperia

The judgment was issued by the Kaliningrad Commercial Court and has now become enforceable after being confirmed as final. RBI says Rasperia, which is linked to Russian businessman Oleg Deripaska, owes it those sums under the sale of the bank’s Russian subsidiary. The bank had previously reported provisions and complex recovery proceedings related to the case in earlier financial years.

The decision clears the way for RBI to enforce the judgment and potentially gain access to shares held by Rasperia in Austrian construction company Strabag, which constitute one of the guarantees associated with the transaction. Analysts consulted by Austrian media have said that enforcement against those shares could become the next chapter in the case.

The next step: Strabag shares

Nevertheless, the bank cautions that actual recovery remains subject to recognition and enforcement proceedings in other jurisdictions, including Austria. In its communication, RBI does not rule out further legal steps to enforce the rights established by the judgment. The bank itself has reiterated in recent months that final recovery could take time and is subject to developments in international sanctions.

The company added that it remains committed to its strategic objective of reducing its exposure to Russia, a process within which the dispute with Rasperia falls. RBI has emphasized that it will continue to actively manage all legal proceedings related to the case and will inform the market of any material developments. The bank presents the case as one of the main outstanding disputes in its portfolio.

The case dates back to the 2015 sale of Raiffeisenbank Russia to Rasperia, whose transaction has still not been economically completed for the Austrian parent. Since then, RBI has sought various ways to complete the divestment and protect value for its shareholders. The now-final judgment represents judicial recognition of the bank’s claims, although converting it into actual recovery will require additional steps.

Implications for Strabag and the Russian divestment

At the corporate level, potential enforcement against Strabag shares could alter the map of significant holdings in the Austrian construction company. In recent weeks, specialist media have reported on the complexity of Strabag’s ownership structure, in which Rasperia is one of the principal shareholders through various companies. Any forced transfer of shares would require compliance with applicable legal and regulatory requirements.

RBI, for its part, has reiterated that its priority remains an orderly exit from Russia, in line with the requirements of European regulators. Confirmation that the judgment is final comes as other Austrian and European companies also seek to reduce their presence in the Russian market. For the bank, the proceedings involving Rasperia are a key part of that divestment process.

The ruling came shortly after RBI presented its third-quarter results, in which it once again stressed the need to maintain cost discipline and actively manage legal risks inherited from its operations in Russia. The bank reiterated that it will continue to inform the market about developments in the proceedings.

RBI has not so far provided an estimate of when it might receive the €3.15 billion or a timetable for the hypothetical enforcement against Strabag shares. The bank is content to emphasize that the final status of the judgment marks the completion of an important initial milestone in its enforcement.

Bank representatives have declined to provide further comment beyond the official statement for the time being. Market attention is now focused on RBI’s next legal moves and Rasperia’s response, as it could seek an appeal or request interim measures in other jurisdictions to halt enforcement.