Briefly. Financial Times reports that Brussels is discussing the unblocking of about €2 billion assets related to Oleg Deripaska (primarily a stake in Strabag) to transfer them to Raiffeisen Bank International as compensation for damages awarded to the bank by a Russian court. The initiative comes from Austria and is already causing controversy among EU countries.
What he writes FT
According to the draft, the EU can unfreeze Strabag shares, previously controlled by Deripaska's entities and frozen by sanctions, and allow their transfer to RBI as «mirror» compensation for a Russian court decision (Rasperia-related lawsuit). Diplomats point to the risk of setting a precedent for other sanctioned entities. Discussions are ongoing, with no final decisions.
What assets and why Raiffeisen?
We are talking about a stake in Strabag approximately by €2 billion, which was sanctioned for its links to Deripaska. Raiffeisen Bank International - is the largest Western bank that still has an operational presence in Russia and has been trying to wind it down amid the restrictions. Against the backdrop of the publication FT RBI shares were up in trading.
Policy and risks
Several EU states are opposed, fearing the legitimisation of Russian court rulings and sanctions bypass schemes. The media also link this discussion to the EU sanctions package, where Brussels may make concessions to Vienna to consolidate the bloc's position. Any change will require political consensus in the EU.
What it means
If the plan is implemented, it will be atypical compensation mechanism through the redirection of sanctioned assets and at the same time a test for the EU sanctions architecture: whether it is possible to protect European companies from coercion and «fines» in Russian jurisdiction without weakening pressure on Russia. Investors have already reacted to the signal: the market is pricing in the possibility of a compromise, and political risks remain high.
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