Raiffeisen Bank International's Russian Arm to Book Q4 Provision After Court Decision

Raiffeisen Bank International AG announced that its Russian subsidiary, AO Raiffeisenbank, will book a provision for the fourth quarter of 2024 following a recent Russian court decision. The verdict relates to legal proceedings brought by Rasperia Trading Limited against STRABAG SE, its Austrian core shareholders, and AO Raiffeisenbank.

The Russian court ruled that STRABAG SE and its Austrian core shareholders owe EUR 2.044 billion to Rasperia, which can be enforced against AO Raiffeisenbank's assets. AO Raiffeisenbank intends to appeal the verdict. In parallel, legal measures will be sought in Austria to mitigate potential losses, complying with EU sanctions.

The provision will reflect the awarded amount minus anticipated proceeds from actions against Rasperia's assets, including STRABAG SE shares under EU sanctions. The decision to transfer ownership rights of these shares to AO Raiffeisenbank cannot be enforced in Austria due to legal restrictions.