Raiffeisen to File €3.15 Billion Lawsuit Against Rasperia Over Frozen Assets
Raiffeisen's Legal Action and Asset Dispute Overview
Details of the Lawsuit Filing
VIENNA, July 23 (Reuters) - Raiffeisen Bank International (RBI) said on Thursday it would file a lawsuit seeking about €3.15 billion ($3.58 billion) in damages against EU-sanctioned Russian firm Rasperia in Austria, targeting frozen assets.
RBI's Russian subsidiary AO Raiffeisenbank will join the Austrian proceedings as second claimant, the Austrian bank said.
Background on Legal Restrictions
A Russian court had previously issued an injunction largely prohibiting legal action against Rasperia outside Russia.
Implications of the Russian Court Ruling
Under that ruling, however, RBI and its Russian subsidiary are permitted to pursue claims in Austria without facing court-imposed penalties of up to €2.85 billion, the bank said. As this significantly reduces the risk for the bank, the lawsuit would now be filed.
Frozen Assets and Enforcement Efforts
RBI said it was seeking enforcement against Rasperia's assets in Austria, including the lifting of the freeze on those assets.
The frozen assets subject to EU sanctions consist of 28.5 million Strabag SE shares, including retained dividends and cash distributions.
Expected Outcome and Timeline
RBI's management board considers a positive outcome of the Austrian proceedings "highly likely" and expects proceeds from enforcement within six to 12 months, the bank said.
Responses from Involved Parties
Rasperia did not immediately respond to a request for comment. Strabag did not immediately comment.
($1 = 0.8790 euros)
(Reporting by Alexandra Schwarz-Goerlich, Writing by Miranda Murray, editing by Kirsti Knolle)
