The governor of the OeNB, Robert Holzmann, reportedly told Reuters in an interview that Raiffeisen is not contravening any sanctions imposed on Russia, and it alone can decide if the investment risk is worth it. Reuters quoted Holzmann, who further said:
Both the US and Europe or Austria, the Austrian National Bank, we can’t provide a blank cheque. We can’t say ‘Go ahead, you have the all-clear.’ There’s a tail risk which remains.
However, Holzmann did not elaborate on the implied risk. On Tuesday, 2 April 2024, Raiffeisen, the largest Western financial institution in Russia, maintained its conviction that it is not transgressing any sanction laws by acquiring a share in Strabag.
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Analysts indicated that RBI is trying to free some of its funds currently tied up in Russia via the Strabag deal. The US Treasury expressed concerns about this transaction in March 2024.
Raiffeisen announced in December 2023 that it intended to buy a Strabag Stake from Rasperia. At that time, Oleg Deripaska controlled Rasperia. This company has since sold the 24% Strabag stake in question to Iliadis JSC, which reportedly is not under US and EU sanctions. Based on Reuters data, the US urged Raiffeisen to cancel the intended $1.2bn agreement.
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