January 20, 2025 18:16 GMT
FINANCIALS: RBIAV legal provision
FINANCIALS
Raiffeisen bank will book a provision following an adverse Russian court judgement.
Negative for spreads
A Russian court has fined AO Raiffeisen bank (where the Russian assets are) for €2.044bn, Raiffeisen will appeal
- The court order also requires 28.5mn STRABAG SE - which are under an EU asset freeze sanction and held by Rasperia (in Austria) - to be transferred to AO Raiffeisen.
- Raiffeisen will begin legal proceeding in Europe to seize the Strabag shares in EU court, but this doesn’t amount to €2.044bn and thus the provision. Also the provision would be enforceable in cash in Russia but only result in frozen Strabag shares for RBIAV.
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