Full Breakdown
EU Considers Unfreezing Assets Linked to Oleg Deripaska for Raiffeisen Bank Compensation
10/4/2025, 7:52:35 AM
Overview of the Proposal
The European Union is deliberating a controversial proposal to unfreeze approximately €2 billion ($2.3 billion) worth of shares in the Austrian construction company Strabag, previously linked to Russian oligarch Oleg Deripaska. This move aims to compensate Raiffeisen Bank International (RBI) for damages ordered by a Russian court. The proposal is part of the EU's 19th sanctions package against Russia, which is currently under discussion among member states.
Background and Context
In January 2024, a Russian court ruled that RBI must pay €2 billion in damages to Rasperia, a company formerly owned by Deripaska. The court also stated that RBI could recover this amount by taking ownership of Strabag shares, which have been frozen under EU sanctions since 2022 due to Deripaska's connections to Russia's military-industrial complex. The shares were immobilized following the EU's sanctions regime, which was implemented in response to Russia's invasion of Ukraine.
Key Figures Involved
- Oleg Deripaska: A Russian billionaire and founder of aluminum giant Rusal, blacklisted by the EU in 2022.
- Raiffeisen Bank International (RBI): The largest Western lender still operating in Russia, facing pressure to reduce its presence in the country.
- Strabag: An Austrian construction company that was partially owned by Deripaska through his company Rasperia.
Internal EU Dynamics
Austria has been a strong proponent of the proposal, insisting that the unfreezing of the Strabag shares be included in the sanctions package. However, this has met with significant resistance from other EU member states, including Germany and France. Critics argue that such a move could legitimize Russian court rulings that retaliate against Western sanctions, potentially setting a dangerous precedent for future claims by other sanctioned individuals.
Official Statements & Responses
Austria's foreign ministry emphasized the need to protect Austrian companies and prevent Russia from benefiting twice from the situation. Conversely, several EU diplomats expressed concerns about the implications of unfreezing assets, stating, "If we go down this path, we could be unfreezing quite a lot of Russian assets and I don't think this is the goal."
Criticism & Opposition
Opponents of the proposal warn that it could empower Russian entities to leverage court rulings against Western companies, undermining the integrity of the EU's sanctions framework. One diplomat noted, "It may set a convenient precedent for Russian entities to indirectly recover their frozen funds." The potential for other oligarchs to pursue similar claims has raised alarms among EU officials.
Conflicting Reports & Gaps
While Austria supports the unfreezing of the Strabag shares, a significant majority of EU countries remain opposed. The outcome of the discussions is uncertain, with some diplomats indicating that further negotiations will continue next week. The European Commission has not publicly commented on the matter, leaving the situation in a state of ambiguity.
What's Next
The EU's decision on this proposal will hinge on member-state consensus and the Commission's assessment of its compatibility with existing sanctions principles. The discussions highlight the broader challenge of balancing the need to protect European businesses from retaliatory Russian actions while maintaining a robust sanctions regime against Moscow. The outcome will be closely monitored by other EU companies with interests in Russia, as it may set a precedent for future sanctions enforcement.
