RBI announces billion-euro lawsuit against Rasperia in Austria

The Kaliningrad ruling and its exception

According to RBI's account, however, the ruling contains a significant exception: the bank and its Russian subsidiary, AO Raiffeisenbank, are permitted to assert damages claims against Rasperia in Austria of up to €2.85 billion without triggering a contractual penalty in Russia. The Russian subsidiary is joining the proceedings as a second plaintiff. In light of this ruling, the risk for RBI in pursuing claims against Rasperia has decreased significantly, the bank stated.

Since the risk for the bank has thus decreased significantly, the lawsuit will now be filed, RBI announced on Thursday. Because the claim amount of €3.15 billion exceeds the upper limit set by the court in Kaliningrad, a contractual penalty in Russia would be incurred in roughly the amount of the excess – according to an RBI spokesperson speaking to APA, approximately €300 million. Such a penalty would presumably have to be borne by the Russian Raiffeisenbank, which was formally sued by Rasperia only because, through Raiffeisen-Holding Niederösterreich-Wien, it stands in a close relationship with the Strabag shareholder.

Background: Rasperia, Strabag and the EU sanctions

The background is an already existing Russian court ruling that largely prohibits legal action against Rasperia outside Russia. Rasperia had filed the underlying lawsuit in June 2025 and had previously already initiated four proceedings in Russia against Strabag, the Austrian core shareholders and their circle. On the basis of two of these proceedings, the Russian Raiffeisenbank had already paid nearly two billion euros in 2025 and a further 300 million euros in 2026, according to sources close to RBI.

Rasperia is a Strabag shareholder that, according to the available information, was at least previously controlled by the Russian billionaire Oleg Deripaska. In spring 2022, in the course of the EU sanctions against Deripaska, the exercise of Rasperia's shareholder rights at Strabag had been blocked. According to RBI, the assets frozen in Austria comprise 28.5 million Strabag shares, dividends for the financial years from 2021 onwards, as well as a cash distribution from the Strabag capital reduction carried out in March 2024.

Expected proceeds and possible cost risks

An RBI spokesperson said on Thursday afternoon that neither the plaintiff nor the defendant side would be permitted to appeal the Kaliningrad decision, and that the ruling would become final and binding after the deadline had expired. The proceeds from enforcement would presumably be received within six to twelve months. The RBI management board considers a positive outcome of the proceedings to be very likely, the announcement further stated.

For the RBI Group excluding the Russia business, costs of up to €150 million could arise in the current year as a result of the legal dispute. Raiffeisen-Holding Niederösterreich-Wien holds a 25 percent stake in RBI – the parent company of Raiffeisenbank Russia – through Raiffeisenlandesbank Niederösterreich-Wien. With the planned Austrian lawsuit, RBI now intends to enforce its claims against Rasperia where the assets are located.