A Vienna court has entered a default judgment ordering the sanctioned Russian company Rasperia to pay about €3.15 billion in damages to Raiffeisen Bank International, giving the Austrian lender a possible route to frozen assets tied to construction group Strabag.
Raiffeisen announced the ruling on Tuesday. Rasperia has four weeks to appeal. Unless it does, the judgment will become final and the bank says it will ask Austria’s financial-market regulator to release assets frozen under European Union sanctions so the award can be enforced.
The assets include 28.5 million Strabag shares, dividends accumulated since 2021 and proceeds from a 2024 capital reduction. Their frozen status means a judgment alone does not permit transfer; regulatory authorization will still be required.
The dispute grew out of a proposed 2023 transaction under which Raiffeisen’s Russian subsidiary would have acquired Rasperia’s Strabag holding. The deal was abandoned amid sanctions concerns. A Russian court later ordered the subsidiary to pay Rasperia €2 billion, and the Austrian bank pursued its claim against Rasperia’s assets in Vienna.
Because the Austrian decision was entered by default, the court did not conduct a fully contested trial on the merits. That procedural posture matters: Rasperia can seek to reopen or appeal the judgment within the stated period. Raiffeisen cannot yet treat the award as finally enforceable.
The case illustrates a recurring sanctions problem. Assets may be frozen for public-law reasons while private creditors claim them through ordinary litigation. Courts can determine liability, but regulators retain control over whether blocked property may move.
Raiffeisen Bank International disclosures
