Raiffeisen Bank International (RBI) recently achieved a significant Raiffeisen legal victory, securing billions in a crucial legal dispute. This success unfolded in Vienna regarding funds frozen in Russia. Simultaneously, the bank vigorously defended itself against fresh accusations from a short-seller firm.
The Vienna Regional Court for Civil Matters awarded RBI and its Russian subsidiary, AO Raiffeisen, approximately 3.15 billion euros. This substantial sum represents damages against the Russian investment firm Rasperia Trading. The court issued a default judgment after a thorough judicial review, deeming RBI’s claims admissible and well-founded.
RBI CEO Michael Höllerer emphasized the bank’s commitment to its stakeholders. “We have a responsibility to the shareholders of Raiffeisen Bank International to take effective action against the damages incurred in Russia,” he stated. Rasperia now holds a four-week window to file an appeal against the ruling.
This legal dispute originated from EU sanctions. These measures previously prevented the construction group STRABAG from paying dividends to Rasperia. As a result, Rasperia sued RBI’s local subsidiary in Russia, securing a judgment for 2.4 billion euros in spring 2025.
RBI promptly countered in July, filing its own lawsuit in Vienna. Once the Vienna ruling becomes final, RBI plans to seek approval from the Austrian Financial Market Authority (FMA) for the release of Rasperia’s currently frozen assets. Historically, the sanctioned oligarch Oleg Deripaska was linked to Rasperia. Meanwhile, RBI, despite being the largest Western bank in Russia, faces immense pressure from the European Central Bank (ECB) to significantly reduce its local presence.
In parallel with this important Raiffeisen legal victory, the bank addressed market accusations. A report published by short-seller Grizzly Research temporarily impacted Raiffeisen shares. RBI responded swiftly through a press release, rejecting all allegations “in the strongest possible terms.”
The bank is currently considering legal action against the authors of the report. RBI accused them of making factual errors and misleading claims. For example, it clarified that companies named in the report were either never clients or had been blacklisted prior to any official sanctions.
Moreover, the report seemingly ignored the bank’s conservative Liquidity Coverage Ratio (LCR) calculation. As of June 30, 2026, the Group’s LCR stood at a robust 136%. This figure remains strong even when excluding Russia, at 135%. Critically, over 7 billion euros in high-quality liquid assets (HQLA) held by the Russian subsidiary are strictly excluded from this calculation.
The bank maintained close coordination with sanctions authorities throughout these processes. This included both the U.S. OFAC and the Austrian FMA. Furthermore, all steps taken, from filing the Austrian lawsuit to asset sales, were transparently coordinated with regulatory bodies.
