The European Union is considering unfreezing roughly €2 billion worth of shares in Austrian construction group Strabag that were formerly tied to Russian businessman Oleg Deripaska, in order to enable their transfer to Austria’s Raiffeisen Bank International (RBI).
The move follows a Russian court ruling ordering payment of damages to a Deripaska-affiliated claimant and has prompted internal debate in Brussels over the integrity and precedent of EU sanctions policy.
According to reports, the proposal—circulated by Austria—would lift EU sanctions constraints on the Strabag stake so it can be used to compensate RBI for a penalty of around €2 billion imposed by a Russian court in a case brought by entities linked to Deripaska’s former holding company, Rasperia Trading. The Strabag shares were originally connected to Deripaska through Rasperia and have been immobilised under EU Russia sanctions since 2022.
RBI’s position in Russia has become increasingly complex since the full-scale invasion of Ukraine. The bank remains the largest Western lender still operating in the country and has faced obstacles to exiting the market. Russian authorities and courts have taken steps that restrict asset transfers, including measures affecting the Austrian lender’s local subsidiary. In January 2025, RBI disclosed that a Russian court verdict allowed enforcement against its Russian assets in connection with the dispute involving Rasperia and Strabag’s Austrian core shareholders, with the ruling citing liability of approximately €2.044 billion. RBI noted at the time that Russian judgments have no binding effect in Austria.
Supporters of the proposed unfreeze argue that enabling the transfer to RBI would offset the Russian court-ordered liability and prevent a situation in which a sanctioned network could benefit both from a favourable ruling in Russia and from any eventual sanctions relief in the EU. Critics warn that such a step risks legitimising retaliatory rulings by Russian courts and could provide a route for sanctioned individuals or their affiliates to undermine EU restrictive measures through litigation abroad. Several member states are said to have signalled concerns over the precedent and signalling effects for future sanctions enforcement.
The Strabag stake has been a recurring focus of sanctions and compliance scrutiny since 2022. Strabag itself has stressed that it is not a sanctioned entity, though one of its shareholders was targeted under Western measures. The EU froze holdings linked to Deripaska after assessing his role and connections to Russia’s military-industrial base. The shares in question have remained blocked within the EU framework, limiting their disposition pending regulatory decisions.
Market reaction to the latest reports has been immediate. RBI’s shares rose on Friday on indications that Brussels may lift restrictions on certain Russia-linked assets to facilitate compensation for the Austrian bank. Trading updates and subsequent commentary highlighted investor focus on the treatment of sanctioned assets and the implications for Western firms with residual exposures in Russia.
Procedurally, any change would need to be reflected in an amendment or clarification of the EU’s Russia sanctions listings to allow the specific transfer. EU officials have so far declined to comment publicly on deliberations. Diplomats note that unanimity among member states is required for sanctions decisions, making the outcome uncertain while discussions continue.
The episode underscores a broader challenge for European policymakers: how to shield EU companies from extraterritorial or retaliatory measures by Russian courts without weakening the credibility of the bloc’s sanctions regime. Legal specialists warn that accommodating foreign judgments tied to sanctioned persons may invite copycat claims, while refusal to do so risks further entangling EU businesses in disputes where their options to exit Russia are constrained by local controls. The Commission and national capitals are therefore weighing the immediate objective of relieving a European bank from a sizeable Russian court liability against the strategic objective of maintaining a robust and impermeable sanctions architecture.
Raiffeisen’s future in Russia remains under review, with the lender previously exploring asset swaps and divestment options that have faced regulatory resistance in Moscow. Western authorities have scrutinised such transactions to ensure they do not dilute sanctions. The current debate over the Strabag shares will be followed closely by other EU companies with legacy assets in Russia, as it may set parameters for how the bloc addresses cross-border enforcement clashes triggered by sanctions.
For now, the proposed unfreezing of the Strabag stake is at the discussion stage. Whether it proceeds will turn on member-state consensus and the Commission’s assessment of the legal mechanism’s compatibility with EU sanctions principles. The outcome will signal how far the EU is prepared to go in insulating European firms from Russian rulings while upholding the coherence of its restrictive measures.
New Questions Emerge in the Story of the Purchase of the Russian Branch of Raiffeisen Bank
