"Circumventing business"

EU puts Strabag shareholder on sanctions list

(Bild: APA/Harald Schneider)

The EU has placed Rasperia Trading Limited of Russian investor Oleg Deripaska, a major shareholder in the Strabag construction group, on the sanctions list, Strabag announced on Friday evening.

 "The background to the sanction is the circumvention transaction in connection with the shareholding in Strabag," the statement said.

RBI had attempted to take over Deripaska's Strabag shares via a Russian company, which pressure from the USA prevented.

Oleg Deripaska

(Bild: APA/AFP/Natalia KOLESNIKOVA)

The Rasperia parent company Iliadis, to which the Strabag shares were transferred, was also subject to sanctions, writes Strabag. The persons and entities now sanctioned by the EU had previously - in mid-May - also been placed on the sanctions list by the United States of America.

Strabag itself and its subsidiaries are not sanctioned, the company emphasizes. The shares of Deripaska, who holds 24.1 percent of Strabag, and all associated rights have been frozen for some time.

"The inclusion of Rasperia on the EU sanctions list does not lead to any changes at STRABAG SE itself or in our handling of the block of shares held by Rasperia," the company said. Strabag is determined to respect and comply with all applicable sanctions. "We see ourselves strengthened in our position that all rights from the shares remain frozen."