Latest news with #Rasperia
Yahoo
6 days ago
- Business
- Yahoo
Austria's RBI 'derecognizes' $1.41 billion claim from Rasperia for Q2
(Reuters) -Austria's Raiffeisen Bank International (RBI) on Thursday said it "derecognizes" 1.2 billion euros ($1.41 billion) in expected proceeds from enforcing claims against Rasperia Trading Limited's Austrian assets for the second quarter of 2025. In June, a Russian court had rejected RBI's bid to lift an injunction banning the sale of its local subsidiary. The ban is tied to a lawsuit brought by Russian investment firm Rasperia after a collapsed deal in which RBI was ordered last year to pay 2 billion euros in damages. RBI's board "concluded that the strict criteria under International Financial Reporting Standards for recognition of the expected proceeds from enforcement of legal recourse against Rasperia are no longer met," the Vienna-based bank said. Raiffeisen plans to recoup much of the damages imposed in Russia through legal action in Austria aimed at recovering Rasperia assets there. The bank said that derecognizing from legal claims will not affect its half-year results for 2025. RBI is due to publish its semi-annual results towards the end of July. The bank's dispute with Rasperia followed the failure of a deal that RBI hoped would have allowed it to unlock some of its frozen assets in Russia. RBI had sought to buy a stake in Vienna-based construction company Strabag, but pulled out under pressure from Washington. "Despite the changed accounting treatment, the legal assessment remains unchanged, and RBI's Management Board maintains a high degree of confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia's assets in Austria," RBI said. ($1 = 0.8494 euros)
Reuters
6 days ago
- Business
- Reuters
Austria's RBI 'derecognizes' $1.41 billion legal claim from Rasperia for Q2
July 24 (Reuters) - Austria's Raiffeisen Bank International (RBI) ( opens new tab on Thursday said it "derecognizes" 1.2 billion euros ($1.41 billion) in expected proceeds from enforcing claims against Rasperia Trading Limited's Austrian assets for the second quarter of 2025. In June, a Russian court had rejected RBI's bid to lift an injunction banning the sale of its local subsidiary. The ban is tied to a lawsuit brought by Russian investment firm Rasperia after a collapsed deal in which RBI was ordered last year to pay 2 billion euros in damages. RBI's board "concluded that the strict criteria under International Financial Reporting Standards for recognition of the expected proceeds from enforcement of legal recourse against Rasperia are no longer met," the Vienna-based bank said. Raiffeisen plans to recoup much of the damages imposed in Russia through legal action in Austria aimed at recovering Rasperia assets there. The bank told Reuters that writing off 1.2 billion euros will impact the group's first-half 2025 results, including its Russian operations. However, excluding Russia, the bank said it expects no impact. RBI is set to release its semi-annual results by the end of July. The bank's dispute with Rasperia followed the failure of a deal that RBI hoped would have allowed it to unlock some of its frozen assets in Russia. RBI had sought to buy a stake in Vienna-based construction company Strabag ( opens new tab, but pulled out under pressure from Washington. "Despite the changed accounting treatment, the legal assessment remains unchanged, and RBI's Management Board maintains a high degree of confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia's assets in Austria," RBI said. ($1 = 0.8494 euros)
Yahoo
6 days ago
- Business
- Yahoo
Austria's RBI 'derecognizes' $1.41 billion claim from Rasperia for Q2
(Reuters) -Austria's Raiffeisen Bank International (RBI) on Thursday said it "derecognizes" 1.2 billion euros ($1.41 billion) in expected proceeds from enforcing claims against Rasperia Trading Limited's Austrian assets for the second quarter of 2025. In June, a Russian court had rejected RBI's bid to lift an injunction banning the sale of its local subsidiary. The ban is tied to a lawsuit brought by Russian investment firm Rasperia after a collapsed deal in which RBI was ordered last year to pay 2 billion euros in damages. RBI's board "concluded that the strict criteria under International Financial Reporting Standards for recognition of the expected proceeds from enforcement of legal recourse against Rasperia are no longer met," the Vienna-based bank said. Raiffeisen plans to recoup much of the damages imposed in Russia through legal action in Austria aimed at recovering Rasperia assets there. The bank said that derecognizing from legal claims will not affect its half-year results for 2025. RBI is due to publish its semi-annual results towards the end of July. The bank's dispute with Rasperia followed the failure of a deal that RBI hoped would have allowed it to unlock some of its frozen assets in Russia. RBI had sought to buy a stake in Vienna-based construction company Strabag, but pulled out under pressure from Washington. "Despite the changed accounting treatment, the legal assessment remains unchanged, and RBI's Management Board maintains a high degree of confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia's assets in Austria," RBI said. ($1 = 0.8494 euros)
Reuters
6 days ago
- Business
- Reuters
Austria's RBI 'derecognizes' $1.41 billion claim from Rasperia for Q2
July 24 (Reuters) - Austria's Raiffeisen Bank International (RBI) ( opens new tab on Thursday said it "derecognizes" 1.2 billion euros ($1.41 billion) in expected proceeds from enforcing claims against Rasperia Trading Limited's Austrian assets for the second quarter of 2025. In June, a Russian court had rejected RBI's bid to lift an injunction banning the sale of its local subsidiary. The ban is tied to a lawsuit brought by Russian investment firm Rasperia after a collapsed deal in which RBI was ordered last year to pay 2 billion euros in damages. RBI's board "concluded that the strict criteria under International Financial Reporting Standards for recognition of the expected proceeds from enforcement of legal recourse against Rasperia are no longer met," the Vienna-based bank said. Raiffeisen plans to recoup much of the damages imposed in Russia through legal action in Austria aimed at recovering Rasperia assets there. The bank said that derecognizing from legal claims will not affect its half-year results for 2025. RBI is due to publish its semi-annual results towards the end of July. The bank's dispute with Rasperia followed the failure of a deal that RBI hoped would have allowed it to unlock some of its frozen assets in Russia. RBI had sought to buy a stake in Vienna-based construction company Strabag ( opens new tab, but pulled out under pressure from Washington. "Despite the changed accounting treatment, the legal assessment remains unchanged, and RBI's Management Board maintains a high degree of confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia's assets in Austria," RBI said. ($1 = 0.8494 euros)
Reuters
18-06-2025
- Business
- Reuters
Court rejects RBI challenge of ban on sale of Russian subsidiary
VIENNA, June 18 (Reuters) - Raiffeisen Bank International ( opens new tab said on Wednesday a Russian court had rejected its bid to lift an injunction banning the sale of its local subsidiary, frustrating efforts by the biggest Western bank still operating in Russia to exit the country. The ban is tied to a lawsuit brought by Russian investment firm Rasperia after a collapsed deal in which RBI was ordered last year to pay 2 billion euros ($2.3 billion) in damages. RBI said in an emailed statement to Reuters it considered those proceedings completed and that the damages had been collected in full by the Russian central bank. "Nevertheless, the court has made an unprecedented decision to extend them," RBI said. Payment of the fine had previously been seen as a key step in the struggle for Russian regulatory clearance of Raiffeisen's plans to sell its Russian subsidiary. The bank's dispute with Rasperia followed the failure of a deal that RBI hoped would allow it to unlock some of its frozen assets in Russia. RBI had sought to buy a stake in Vienna-based construction company Strabag ( opens new tab, but pulled out under pressure from Washington. Anastasia Taradankina, a lawyer for Raiffeisen's Russian subsidiary from Russian law firm Delcredere, said there were no legal grounds to maintain the sale ban. The court's decision on the opening day of Russia's premier economic forum in St. Petersburg may send a bad signal about Russia's investment climate and the legal footing of foreign companies in Russia, Taradankina said. "The court ... showed that even in the absence of financial claims, it is possible to block company assets worth more than half a trillion roubles," Taradankina said. ($1 = 0.8682 euros)
