Strabag verdict
Kremlin threatens: unfriendly actions have consequences
On Thursday, Russia's government commented for the first time on the ruling by a Russian court on Strabag and its consequences for the Russian subsidiary of Raiffeisen Bank International (RBI).
Unfriendly actions against Moscow must have consequences, Kremlin spokesman Dmitry Peskov demanded in response to a question about Raiffeisen's assets in the country, according to a report by the Reuters news agency. Following the ruling, the RBI subsidiary is forced to make a provision.
Asked whether measures taken by the West against Russia's frozen assets could jeopardize Raiffeisen's funds in the country after the court ruling, Peskov said: "I will leave this without comment. I would just like to emphasize that unfriendly actions towards the Russian Federation inevitably have consequences for those who undertake them." According to agency reports, Raiffeisen Russia now has almost six billion euros of equity tied up in it.
Court ruling could be enforced against RBI subsidiary
Last Monday, a court in Russia ruled that Strabag and its core shareholders, Raiffeisen-Holding Niederösterreich-Wien, Uniqa and the Haselsteiner family, must pay 2.044 billion euros to Russian co-owner Rasperia Trading Limited and that the judgment can be enforced against assets of the Russian RBI subsidiary.
RBI stated that, depending on further developments before the Russian courts, it would also take legal action in Austria to access Rasperia's assets in Austria in order to minimize the damage. Rasperia currently holds 28.5 million Strabag shares, which were recently worth around 1.2 billion euros on the Vienna Stock Exchange.
If it succeeds in gaining access, this would be similar to the failed deal with which RBI tried to extract profits from Russia. In this deal, Strabag shares held by Rasperia were to be acquired by the Russian RBI subsidiary and then flow to the parent company as a dividend in kind.
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