Raiffeisen Bank International (RBI) and AO Raiffeisenbank sued Rasperia Trading Ltd in Vienna over Russian judgments that Rasperia enforced against the Russian bank. The Vienna Regional Court for Civil Matters issued a €3.15B default judgment against Rasperia, which became final on October 22, 2026, after Rasperia did not appeal. RBI said it would now pursue release of Rasperia’s frozen Austrian assets, including STRABAG shares.
Latest development Oct 22, 2026
On October 22, 2026, the Vienna Regional Court’s €3.15B default judgment against Rasperia became final after Rasperia did not appeal within the four-week deadline. Raiffeisen Bank International (RBI) said it would now pursue release of Rasperia’s frozen Austrian assets, including about 28.5 million STRABAG shares, to satisfy the judgment.
Why it matters
The case tests whether EU companies can recover losses caused by Russian court judgments from sanctioned Russian assets frozen in the EU. The outcome affects Western banks with Russian subsidiaries, sanctioned investors, and the regulators that control frozen assets.
Background
Rasperia Trading Limited, a Cyprus-registered vehicle, was for years treated as the entity through which sanctioned Russian oligarch Oleg Deripaska held about 24% of the Austrian construction group STRABAG SE. In March 2022, EU sanctions on Deripaska-linked structures froze the rights attached to Rasperia’s STRABAG shares, including dividends and voting rights. In December 2022, Austria’s ultimate beneficial ownership (UBO) registry listed Deripaska as the ultimate beneficial owner, a finding STRABAG contested. In June 2023, the Klagenfurt Regional Court dismissed an annulment action that Rasperia had filed against STRABAG in Austria. Rasperia was later added to the EU sanctions list over what regulators called a scheme to disguise Deripaska’s continued control.
In September 2024, Rasperia sued STRABAG, its core Austrian shareholders, and AO Raiffeisenbank, the Russian subsidiary of Raiffeisen Bank International AG (RBI), in the Arbitrazh Court of the Kaliningrad Region. It argued that the sanctions freeze had made its shareholding worthless. On January 20, 2025, the court awarded Rasperia roughly €2B in damages against AO Raiffeisenbank, STRABAG SE, Raiffeisen-Holding Niederösterreich-Wien, and other defendants. A Russian appellate court affirmed the judgment on April 24, 2025. Because STRABAG and its shareholders have no seizable assets in Russia, Rasperia enforced the judgment against AO Raiffeisenbank, which operates there and has since had assets stripped.
In June 2025, Rasperia applied in Kaliningrad for an injunction against STRABAG’s shareholders and RBI. In September 2025, STRABAG’s core shareholders withdrew a parallel arbitration they had brought against Rasperia in Amsterdam, as the fight shifted to the Russian and Austrian courts. AO Raiffeisenbank booked about €339M in additional provisions after a second Russian judgment in December 2025, and enforcement proceedings in March 2026 confirmed it must pay over €300M. On July 23, 2026, a Russian court barred STRABAG, its core shareholders, RBI, and AO Raiffeisenbank from suing abroad over Rasperia, except Austrian claims of up to about €2.85B. On July 28, 2026, the two banks filed a claim of about €3.15B against Rasperia at the Vienna Regional Court for Civil Matters to reach its frozen Austrian assets.
After Rasperia missed its response deadline, the Vienna court issued a default judgment on September 22, 2026, ordering it to pay about €3.15B. On October 20, 2026, the Kaliningrad court responded by ordering AO Raiffeisenbank and STRABAG’s core Austrian shareholders to pay Rasperia a further €342M, in a ruling not yet final. Rasperia did not appeal the Vienna judgment within the four-week deadline, and it became final on October 22, 2026. RBI said it would now pursue release of Rasperia’s frozen Austrian assets, including 28.5 million STRABAG shares. Civil society groups have criticized the claim as an attempt by a Western bank to use frozen sanctioned assets to offset losses from a Russian court judgment.
Timeline 16 events
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EnforcementVienna default judgment against Rasperia becomes final
Rasperia did not appeal the Vienna Regional Court’s €3.15B default judgment within the four-week deadline. Raiffeisen Bank International said it would now pursue release of Rasperia’s frozen Austrian assets, including STRABAG shares, to satisfy the judgment.
Raiffeisen Gets Court Sign-Off for €3.2 Billion Russian GainRaiffeisen clears path to €3.2B Russia windfallAustrian Court Grants Raiffeisen €3.2 Billion Win in High-Stakes Battle Over Russian Assets
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JudgmentKaliningrad court orders Raiffeisenbank to pay Rasperia €342M more
The Arbitrazh Court of the Kaliningrad Region ordered AO Raiffeisenbank and Austrian STRABAG core shareholders to pay Rasperia an additional €342M. The ruling was not yet final and responded to the Vienna court’s September judgment awarding RBI €3.15B.
RBI says Russian court orders it to pay €342 million in penaltiesRussische Gerichtsentscheidung: 342 Mio. Strafe für RBI-TochterRechtsstreit: Russisches Gericht verurteilt RBI-Tochter erneut zu Millionen-StrafeThe court in Kaliningrad recovered from Raiffeisen €342 million in favor of RasperiaRussisches Urteil: 342 Mio. Strafe für RBI-Tochter
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JudgmentVienna court issues €3.15B default judgment against Rasperia
The court ordered Rasperia to pay about €3.15B to RBI and AO Raiffeisenbank. Rasperia had four weeks to appeal before the judgment would become final and RBI could seek release of its frozen assets, including 28.5 million STRABAG shares.
Vienna Court Orders €3.15 Billion Payment From Frozen Russian AssetsRaiffeisen Bank International's Multi-Million-Dollar Court Victory and a Defense Against Short SellersRaiffeisen Bank gains after default judgment win against Rasperia
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OrderRasperia misses response deadline in Vienna proceedings
Rasperia did not respond within its court-set deadline, moving RBI closer to a default judgment on its €3.15B claim.
3.15-Billion Lawsuit: Expired Deadline Brings RBI Significantly Closer to Frozen Rasperia Assets
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FilingRBI files €3.15B claim against Rasperia in Vienna
RBI and AO Raiffeisenbank filed the damages claim at the Vienna Regional Court for Civil Matters, seeking to reach Rasperia’s frozen Austrian assets, including its STRABAG stake.
Landmark 3.15-Billion Lawsuit: Austrian RBI Sues Russian Rasperia in a Vienna Court
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OtherRussian court bars foreign suits but lets RBI sue Rasperia in Austria
The injunction barred STRABAG, its core shareholders, RBI, and AO Raiffeisenbank from pursuing Rasperia-related claims outside Russia, except Austrian claims against Rasperia of up to about €2.85B. RBI announced a claim of about €3.15B in Vienna.
RBI and AO Raiffeisenbank (Russia) to file a claim against Rasperia in AustriaRaiffeisen to sue Rasperia for €3.15 billion in Austria
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EnforcementEnforcement proceedings confirm AO Raiffeisenbank must pay over €300M
The payment is owed to a STRABAG shareholder in connection with the Rasperia litigation.
Raiffeisen Russia must pay over 300 million euros to Strabag shareholder
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JudgmentSecond Russian judgment adds hundreds of millions in exposure
A Russian court decision in a second Rasperia-related lawsuit led AO Raiffeisenbank to book about €339M in additional provisions for the fourth quarter of 2025.
AO Raiffeisenbank (Russia) to book EUR 339 million provisions in Q4/2025 related to Rasperia's second Russian lawsuitRussian court orders Austrian bank Raiffeisen to pay compensation
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OrderSTRABAG’s core shareholders withdraw Amsterdam arbitration claim against Rasperia
The withdrawal of the parallel claim shifted the dispute back to the Russian and Austrian courts.
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FilingRasperia seeks injunction against STRABAG shareholders and RBI in Kaliningrad
The application laid groundwork for the anti-suit injunction a Russian court issued in July 2026.
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AppealRussian appellate court affirms €2B Kaliningrad judgment
The court of appeal upheld the Kaliningrad court’s judgment against Raiffeisen’s Russian subsidiary.
Russian Court of Appeal Confirms Billion-Dollar Fine Against Raiffeisen Subsidiary
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JudgmentKaliningrad court awards Rasperia about €2B
The Arbitrazh Court of the Kaliningrad Region awarded roughly €2B (about $2.1B) in damages against AO Raiffeisenbank, STRABAG SE, Raiffeisen-Holding Niederösterreich-Wien, and other defendants.
'Men in Balaclavas' Watch as Russian Court Fines Raiffeisen Bank $2.1 billionAO Raiffeisenbank (Russia): provision related to Russian court decision
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FilingRasperia sues STRABAG in Russia over frozen shares it calls worthless
Rasperia filed suit in the Arbitrazh Court of the Kaliningrad Region against STRABAG SE, its core shareholders, and Raiffeisen entities. It argued that the EU sanctions freeze made its STRABAG stake worthless.
Russian shareholder takes Strabag to court over 'worthless' shares
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JudgmentKlagenfurt court dismisses Rasperia’s annulment action
The Klagenfurt Regional Court dismissed the annulment action Rasperia had filed against STRABAG in Austria.
STRABAG SE: Klagenfurt Regional Court dismisses action for annulment filed by Rasperia
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OtherAustrian UBO registry names Deripaska as STRABAG’s beneficial owner
The registry named Oleg Deripaska as STRABAG SE’s ultimate beneficial owner. STRABAG said it would challenge the finding.
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OtherEU sanctions freeze Rasperia’s rights in STRABAG shares
The sanctions targeted structures linked to Oleg Deripaska and froze the voting and dividend rights attached to Rasperia’s roughly 24% stake in STRABAG SE.
3.15-Billion Lawsuit: Expired Deadline Brings RBI Significantly Closer to Frozen Rasperia Assets
Experimental AI forecast
How it is madeWill Austrian authorities authorize release of Rasperia’s frozen STRABAG shares or proceeds to RBI by March 31, 2028?
- Austria releases shares to RBI40%
- Still pending on March 31, 202835%
- Judgment stands, release refused20%
- Rasperia undoes Vienna judgment5%
- Resolves by
- Mar 31, 2028in 17 months
- Record confidence
- Low
RBI obtaining authorized release of Rasperia’s frozen STRABAG shares or proceeds by March 31, 2028, is the most likely single outcome, at 40%. The Vienna judgment is now final and unopposed, but release still needs a sanctions authorization that EU rules do not clearly provide for post-listing judgments.
How it resolves. Resolves “Austria releases shares to RBI” if, by March 31, 2028, an Austrian sanctions authority or court authorizes the transfer to RBI or AO Raiffeisenbank of Rasperia’s frozen STRABAG shares or the proceeds of their sale, in whole or in part. Confirmation can come from an official decision, an RBI or STRABAG disclosure, or credible press reports. Resolves “Judgment stands, release refused” if the competent Austrian authority or a court finally refuses release while the Vienna judgment remains in force. Resolves “Rasperia undoes Vienna judgment” if an Austrian court reopens, sets aside, or annuls the September 22, 2026, default judgment before any release. Otherwise resolves “Still pending on March 31, 2028.”
Reasoning
Starting point. Requests by EU creditors to satisfy court judgments from assets frozen under EU Russia sanctions, which require a sanctions authorization or legal derogation: Releases of frozen sanctioned assets to satisfy post-listing judgments are rare. Most such requests take more than a year and many are refused or stall, perhaps 20% to 35% granted within 18 months.
Releases of sanctioned assets to satisfy judgments are uncommon, especially where the judgment postdates the listing, so the base rate sits well below even odds. The record pushes upward on several fronts. The Vienna default judgment became final on October 22, 2026, without appeal, which removes merits risk. Rasperia’s silence also makes reopening unlikely, so that outcome stays at 5%. The Russian anti-suit injunction even carved out Austrian claims, which suggests Rasperia expected this route. Against release, EU sanctions law generally freezes assets regardless of later creditor judgments. Any authorization likely needs a specific derogation or EU-level consent, and civil society criticism adds political friction. Russian retaliation, such as the new €342 million Kaliningrad ruling, raises the cost to RBI but does not block Austrian action. The leading alternative is that the request remains under review past March 2028 (35%), given the novelty and the multi-layer approval needed. No record developments since the October 24, 2026, forecast, so the numbers are unchanged.
Whether EU sanctions rules permit release for post-listing judgments · Vienna judgment final and unappealed by Rasperia · Austrian government and EU appetite to authorize transfer · Russian retaliation through further Kaliningrad judgments · Public criticism of using frozen assets to offset losses
Generated automatically by Claude Opus 5.5 on Oct 30, 2026 from this case’s record on this site, and published without editorial review. The probabilities are the model’s judgment, not measured frequencies, and they are scored publicly as cases resolve. Not legal or investment advice. How the forecasts are made