Vienna is seeking a sanctions waiver to unfreeze Oleg Deripaska-linked shares to compensate Raiffeisen Bank for losses in Russia<\/p>\n
Austria\u2019s bid to unfreeze \u20ac2 billion ($2.1 billion) in assets linked to sanctioned Russian businessman Oleg Deripaska has triggered a rift in the EU, according to a draft proposal seen by EUobserver.
\nThe plan has drawn fierce opposition from Baltic, Nordic, and some Central European states, including Poland and the Czech Republic, which warn that it would set a \u201cdangerous precedent,\u201d according to the report.
\nThe case centers on an attempt by Raiffeisen Bank International (RBI) to compensate for losses incurred under a Russian court ruling. Austria\u2019s largest lender is among the few foreign lenders still operating in Russia despite Western sanctions imposed after the escalation of the Ukraine conflict in 2022.
\nThe bid, which will be discussed by EU ambassadors in Brussels on Wednesday, seeks to insert a \u201cderogation\u201d into existing sanctions that would allow national authorities to \u201cauthorize the release of frozen funds … attributable, directly or indirectly\u201d to three blacklisted companies and two Russian businessmen, including Deripaska and Dmitry Beloglazov.
\nThe plan would release around \u20ac2 billion in Strabag shares, an Austrian construction group once part-owned by Deripaska. Austria froze Deripaska\u2019s Strabag shares in 2022. The EU Council claimed that Deripaska and Beloglazov later used the companies Iliadis, Rasperia, and Titul to sidestep the freeze, according to the outlet.<\/p>\n
Read more<\/p>\n
Brussels moves to lift sanctions on Russian billionaire\u2019s assets \u2013 FT<\/p>\n
Following the collapse of an earlier asset swap under US and EU pressure, RBI\u2019s new solution to a Russian court\u2019s \u20ac2 billion damages ruling is to acquire Deripaska\u2019s frozen 24% Strabag stake.
\nAustria\u2019s proposal would effectively enforce the Russian court\u2019s ruling by letting Raiffeisen claim the shares.
\nOne EU diplomat told the outlet that the move could encourage similar claims by Russian entities.
\n\u201cIt\u2019s still unacceptable for many member states,\u201d he said.
\nEU companies still have \u20ac70 billion to \u20ac100 billion of assets in Russia that could be leveraged in similar schemes.
\nPhilip Goeth, an Austrian lawyer who has represented Russian businessmen, argued that \u201cAustria is merely acting rationally in trying to protect its systemic banking industry.\u201d
\nVienna\u2019s proposal, however, requires the unanimous approval of all other EU members.
\nDeripaska, the founder of aluminum giant Rusal, has called the Western sanctions outdated and counterproductive, arguing that they have failed to weaken Russia and risk harming the global economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Vienna is seeking a sanctions waiver to unfreeze Oleg Deripaska-linked shares to compensate Raiffeisen Bank for losses in Russia Austria\u2019s bid to unfreeze \u20ac2 billion ($2.1 billion) in assets linked…<\/p>\n","protected":false},"author":1,"featured_media":19991,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-19990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t