EU Considers Unfreezing €2B Deripaska-Linked Strabag Shares for Raiffeisen Compensation

The European Union is considering unfreezing approximately €2 billion in shares of Austrian construction firm Strabag, previously linked to Russian oligarch Oleg Deripaska, to transfer them to Austria's Raiffeisen Bank International (RBI) as compensation for damages imposed by a Russian court. This proposal is part of the EU's 19th sanctions package against Russia and aims to offset a fine RBI paid following a ruling in favor of a Deripaska-affiliated claimant, despite the Russian court decision having no binding effect in Austria. The move is controversial, as some EU member states worry it could legitimize Russian retaliatory court rulings against Western firms and potentially encourage other sanctioned Russian billionaires to reclaim frozen assets indirectly. RBI remains the largest Western bank operating in Russia and a critical conduit for Russia's access to the international SWIFT payment system, complicating its attempts to exit the Russian market. The plan was initiated by Austria but faces objections from several EU countries concerned about the precedent it could set amid ongoing sanctions enforcement. Supporters argue the transfer prevents Deripaska from benefiting twice from the frozen assets and court rulings, while critics warn of broader implications for EU sanctions policy integrity.