The bank is trying to find ways to solve its problems with minimal consequences for all parties, but it seems that if all the transactions are successful, the oligarch Oleg Deripaska, who is under the sanctions of Western countries, will have the opportunity to liquidate his part in the bank.
Raiffeisen Bank withdraws part of the capital from Russia
Due to complex transactions, Raiffeisen Bank International AG plans to withdraw part of its assets from Russia. A series of transactions leads to the benefit of a person close to Oleg Deripaska.
The Bloomberg edition informs about it.
Raiffeisen said that its Russian unit has agreed to buy almost 28% of the shares of the Austrian construction company Strabag SE, which until recently belonged to businessman Oleg Deripaska, who is under sanctions. He then plans to transfer the holding to the parent company in Vienna in the form of dividends in kind.
The deal will help solve a headache for Raiffeisen, which has been futilely considering selling or spinning off its Russian subsidiary, the bank's most profitable, for nearly two years. The business has accumulated more than 3 billion euros in profit, which it cannot transfer due to Moscow's restrictions on the payment of dividends, the publication writes.
If successful, the bank must return half of the 3 billion euros to the parent company.
The bank is trying to find ways to solve its problems with minimal consequences for all parties. Still, if all transactions are successful, Deripaska can liquidate his part of the bank.
Raiffeisen Bank was removed from the list of war sponsors
The National Agency for the Prevention of Corruption of Ukraine removed the Austrian Raiffeisen Bank from the list of companies sponsoring the war until the time of consultations.
The removal of the bank by the National Agency from the list is due to a threat from Austria to disrupt the new package of EU sanctions if Raiffeisen remains on the list, writes Reuters. The withdrawal will continue during bilateral consultations with the involvement of the European Commission.
The Austrian bank promised to withdraw from the Russian market immediately after the invasion but does not intend to do so by the end of 2023 and is delaying the deadline.
Chief Executive Officer of Raiffeisen Bank International (RBI) Johann Strobl stated that the separation of the bank's significant operations in the Russian Federation is unlikely by the end of the year, departing from previous forecasts.
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