3.15-Billion Lawsuit: Expired Deadline Brings RBI Significantly Closer to Frozen Rasperia Assets
In the legal battle over billions between Raiffeisen Bank International (RBI) and Rasperia Trading Limited, a Russian shareholder of STRABAG, the balance of power has shifted in favor of the major Austrian bank. According to sources in the banking industry, Rasperia has allowed a crucial court deadline to pass. Within this deadline, the Russian co-owner would have had to submit a response to the lawsuit for damages in the amount of 3.15 billion euros filed by RBI on July 28, 2026.
A Russian court has rejected Raiffeisenbank Russia’s request to lift a ban on the bank’s sales that has been in effect since September 2024. / Picture: © Raiffeisen Bank International AG
Now that this deadline has passed, RBI has access to decisive procedural remedies. The bank has the option of filing a motion with the competent court to issue a default judgment. Under Austrian procedural law, such a judgment would be rendered without a detailed hearing of evidence as requested by the plaintiff. As a result, Rasperia would be obligated to pay the full amount claimed of 3.15 billion euros.
The bank has already signaled its determination. “Our legal team is currently discussing the next steps,” explained an RBI spokesperson. At the same time, he made it clear that a motion for a default judgment is “naturally very likely.”
Access to Frozen Billions in Austria
Should the court grant RBI’s motion, the bank intends to seek enforcement of the damages award domestically. With the support of the Financial Market Authority (FMA), RBI aims to obtain enforcement orders to gain access to Rasperia’s assets located in Austria—currently frozen under EU sanctions—which are also valued at 3.15 billion euros.
The legal basis for this plan is provided by the provisions of the EU sanctions regime. These provisions allow for an exception to the asset freeze and permit the release of frozen capital if this is based on a court decision enforceable in the respective member state.
The Legal Background and Lead-up to the Lawsuit
RBI’s claim for damages marks the latest development in a long-running legal dispute that erupted in the shadow of the war in Ukraine and the internationally imposed sanctions against Russian owners.
Rasperia Trading Limited—formerly attributed to the sanctioned Russian oligarch Oleg Deripaska—held significant stakes in the Austrian construction group STRABAG. With the imposition of EU sanctions in the spring of 2022, Rasperia’s rights within the group (such as voting rights and dividend payments) were frozen. Consequently, Rasperia filed lawsuits in Russian courts against STRABAG and RBI’s Russian subsidiary (AO Raiffeisenbank). Since Austrian entities have in some cases been ordered to pay substantial compensation by Russian courts, RBI estimated the financial losses resulting from these proceedings in Russia at a total of 3.15 billion euros. At the end of July 2026, RBI finally filed a lawsuit for damages in Vienna to recoup the losses resulting from the seizures of bank assets ordered by Russian courts, which were carried out through Rasperia’s frozen holdings in Austria.