Raiffeisenbank's accounts in Russia were forcibly debited with 1.9 billion euros
The funds were seized by a Russian court order, which ordered the Russian subsidiary of the Austrian bank to pay 2 billion euros in compensation to Raspberia, a company linked to billionaire Oleg Deripaska .
This amount is equal to the court-ordered damages less accumulated interest of about 174 million euros. Raspbery can demand the enforcement of this interest "at any time," the Austrian bank clarified.
As a result of the write-off, Raiffeisen Bank lost almost half of the 4.4 billion euros that had accumulated in Russia after the war began. This is the profit that the bank cannot withdraw from the country due to capital flow restrictions imposed by the Central Bank of the Russian Federation.
In December 2023, RBI announced its intention to buy a stake in Vienna-based Strabag for €1.5 billion from Russia's Raspberia, which Strabag has linked to Russian billionaire Oleg Deripaska.
The United States identified Raspbery as part of a group of Russian companies still controlled by Deripaska in May 2014 when it imposed sanctions on some of them.
Fearing a negative reaction from the U.S., RBI refused to acquire a stake in Strabag. A few days later, the U.S. imposed sanctions on Raspbery.
The Russian government is blocking all attempts to sell local branches of Western banks, including Raiffeisen Bank and UniCredit, to buyers who risk falling under sanctions. This effectively excludes any buyer from Russia, while potential foreign investors are blocked by Western regulators.
Last year, the European Central Bank ordered the RBI and other European banks still operating in Russia to either urgently sell their assets in the country or quickly wind down operations.
RBI has indeed reduced lending in Russia and stopped opening new accounts, but still retains more business in the country than its European rivals.
In September 2024, the sale of RBI's Russian subsidiary was complicated after a Russian court froze its shares .
- In April 2025, the Financial Times reported that Raiffeisen suspended the sale of its Russian business due to improved relations between the US and Russia.