Austria blocks new EU sanctions against Russia, seeking compensation for Raiffeisen Bank – Bloomberg

Austria has suspended the adoption of the 19th package of EU sanctions against Russia, demanding the lifting of restrictions on a company linked to oligarch Oleg Deripaska. According to Bloomberg, Vienna is seeking to unfreeze the assets of Rasperia Trading to compensate for losses incurred by the Austrian Raiffeisen Bank International (RBI), which is seeking to recover approximately 2.1 billion euros. This is stated in a Bloomberg article, writes UNN.

DetailsThis refers to an agreement that would allow Rasperia to transfer its stake in the construction company Strabag SE (worth 2.3 billion euros) to Raiffeisen Bank. This step, according to Austria, would be a way to compensate for the losses incurred by the bank due to a Russian court decision.

Rasperia owns shares in Strabag, and 2.1 billion euros are already in Russia

Other EU member states criticized Vienna’s position, fearing that allowing such an agreement would set a dangerous precedent for other sanctioned companies and individuals.

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The Austrian Ministry of Foreign Affairs avoids direct comments: “We cannot comment on ongoing negotiations, we ask for your understanding.”

ContextThe EU imposed sanctions against Oleg Deripaska back in 2022, freezing his assets after Russia’s full-scale invasion of Ukraine.

Oleg Deripaska

Meanwhile, Raiffeisen remains one of the largest foreign banks in Russia, and despite pressure from Brussels, has not been able to exit the Russian market.

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The new sanctions package, currently blocked by Austria, provides for a complete ban on Russian LNG imports by 2027, as well as strikes on banks, the shadow fleet, and Moscow’s oil revenues. The document requires unanimous approval from all EU members.

Slovakia is also still abstaining, demanding that EU climate policy be aligned with the needs of its own industry.

I will not support new sanctions against Russia unless the European Commission proposes realistic solutions for our automotive industry

The issue is expected to be brought before the EU summit in Brussels later this month.

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