Strabag

Business in Russia

Main article: Strabag Russia

History

2024: US threatens Raiffeisen bank with disconnection from dollar payments and seeks cancellation of deal to buy stake in Strabag

For more than four months, US envoys have increasingly aggressively threatened Austria's Raiffeisen Bank International to pull out of a deal to buy back a stake in Strabag.

In a written ultimatum sent on May 8 to the bank, its curator, the European Central Bank and the Austrian government, Washington threatened to restrict Raiffeisen's access to the dollar.

Within hours, Raiffeisen cancelled the deal, which was first announced in December 2023.

2023: Oleg Deripaska's company announces sale of stake in Strabag for €1.51 billion

The company of the Russian businessman Oleg Deripaska Rasperia Trading Limited sold a 27.78% stake in the construction concern Strabag for 1.51 billion euros. The asset was bought Raiffeisen Bank International (RBI) by the Austrian through the Russian "daughter" -. Raiffeisen Bank The deal was announced in December 2023.

It follows from the RBI report that the group plans to close the deal in the first quarter of 2024 after the approval of the regulators and the successful passage of the sanctions compliance procedure. From the moment the purchase is completed, the RBI subsidiary plans to transfer the shares of the holding company in the form of dividends, which requires the approval of the Russian authorities.

Rasperia Trading Limited sold 27.78% stake in construction concern Strabag for €1.51 billion

Thanks to this deal, RBI further reduces its risks in Russia. RBI will continue to work on the deconsolidation of Raiffeisen Bank JSC by selling or allocating as a backup option, the Austrian group said in a statement.

In March 2023, the Austrian RBI group announced its intention to minimize its presence in Russia, as well as to work out two scenarios for winding up the business - selling a subsidiary or withdrawing an asset from the group.

The fact that the Cypriot company Rasperia Trading Limited is associated with Oleg Deripaska was reported by the agency Reuters without specifying sources. Earlier, Rasperia Trading filed a lawsuit against Strabag in the land court of the Austrian city of Klagenfurt. The reason was the decision of the concern's board to terminate cooperation with the company due to the inclusion of Deripaska and his enterprises in the sanctions list. European Union

On December 19, 2023, Strabag announced that it had received notice of the decision to sell Rasperia Trading Limited to Iliadis Joint Stock Company. The statement of the Austrian concern noted that after the conclusion of the agreement, Rasperia "will cease (indirectly) to be controlled by Oleg Deripaska."^[1]

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