A recent Russian court decision lifting the freeze on shares of Raiffeisenbank’s Russian subsidiary could mark a turning point for Raiffeisen Bank International (RBI).
After years of pressure from regulators, shareholders, and public opinion, the Austrian banking group may now have both the asset leverage and legal space to engineer its long-awaited exit from Russia—unlocking additional income in the process.
Yet this opening comes in the wake of a challenging episode. RBI recently reported a second-quarter consolidated loss of €557 million, driven by its Russian operations and a high-stakes legal battle with Russian investment firm Rasperia Trading Limited.
On the surface, the numbers signalled a setback; beneath them, however, the bank may have secured a strategic prize that shifts the long-term equation in its favour.
The dispute centred on a failed deal to acquire Rasperia’s 24.1% stake in Strabag SE, one of Europe’s largest construction companies. RBI announced the acquisition in December 2023 but withdrew in May 2024 “for precautionary reasons.” Rasperia responded by suing in a Russian court, alleging that RBI and Strabag co-founder Hans-Peter Haselsteiner had undermined its shareholder rights.
In January 2025, a regional arbitration court in Russia’s Kaliningrad enclave sided with Rasperia, ordering RBI’s Russian unit to pay €2.04 billion in exchange for the disputed shares. The ruling—upheld on appeal in April and enforced by the Central Bank of Russia—resulted in €2.1 billion being withdrawn from Raiffeisenbank’s accounts since late April.
While reported as a financial blow, the judgment allowed RBI to consolidate a controlling stake of over 56% in Strabag, giving it effective control after more than a decade of corporate conflict.
The shares are already on the balance sheet of RBI’s Russian subsidiary and, in practical terms, can be transferred from one RBI entity to another—rather than from a sanctioned third party—once US and European regulators approve.
The market value of the Strabag stake transferred by Rasperia stands at €2.3 billion—around €200 million more than the court-ordered payment. Factoring in a typical control premium, its strategic value is even higher.
Despite this, RBI’s public framing has been restrained. The bank attributed the second-quarter loss largely to the write-off of €1.2 billion in provisions related to the dispute, noting:
“The derecognition of the expected proceeds from the enforcement of RBI’s claims against the Austrian assets of Rasperia Trading Limited … had a corresponding negative impact on the consolidated profit for the first half of 2025,” RBI said in a statement.
When diving into the details, it is counterintuitive as to why the outcome has been presented primarily as a negative. While the accounting treatment shows a loss, the acquisition strengthens RBI’s long-term position, severs ties with Rasperia, and potentially gives Strabag a stronger base for growth and participation in new European projects.
Critics also argue that RBI’s leadership must be more visibly focused on delivering value to its core stakeholders—its depositors, who ultimately own the bank through Austria’s Sparkassen group.
With the freeze on its Russian subsidiary’s shares now lifted, RBI has more flexibility in managing its capital stake and more options on the table. The pieces may finally be in place for the bank to close its Russian chapter—a step that would have been unthinkable just months ago.
