The Vienna Regional Court for Civil Matters has accepted Raiffeisen Bank International’s (RBI) lawsuit seeking damages against the Russian company Rasperia. / Picture: © Wikimedia Commons / Gugerell / CC0 1.0 Universal (CC0 1.0) Public Domain Dedication
A legal proceeding of historic significance has begun at the Vienna Regional Court for Civil Matters. Raiffeisen Bank International (RBI) and its Russian subsidiary (AO Raiffeisenbank) are suing the Russian holding company Rasperia Trading Limited for damages totaling 3.15 billion euros. According to reports from the Vienna Regional Court and Austrian media, the complaint is currently being served on the holding company’s Austrian representative office.
Forced Collection in Russia
The legal dispute stems from rulings by Russian courts in 2025 and early 2026. The Kaliningrad Arbitration Court had awarded Rasperia Holding damages because, due to EU sanctions, Rasperia was unable to receive dividends and compensation resulting from a capital reduction by the Vienna-based construction group Strabag SE. Rasperia holds 24.1 percent of Strabag’s shares.
Since Strabag SE has no realizable assets in Russia, Rasperia involved the Russian RBI subsidiary bank in the proceedings. As a result, billions were debited from the Moscow-based RBI subsidiary’s correspondent account at the Russian Central Bank in favor of Rasperia. “In full compliance with EU sanctions law, we are seeking compensation for the damages our shareholders have suffered as a result of the Russian court rulings,” said Michael Höllerer, CEO of RBI.
The 14th EU Sanctions Package as the Legal Basis
RBI bases its lawsuit on Article 11a of the 14th EU sanctions package. This provision allows EU companies to assert claims for damages before European courts if they are denied fair legal protection in third countries such as Russia due to sanctions regulations. RBI is the first company worldwide to make use of this provision.
Surprisingly, a Russian court paved the way for the Vienna proceedings in July 2026: Although it issued a worldwide injunction against RBI, it explicitly exempted proceedings in Austria from this injunction. In addition, Rasperia withdrew all remaining lawsuits in Russia in early August.
The claimed 3.15 billion euros consists of the following items:
Breakdown of Claim (€3.15 Billion)
28.5 Million Strabag Shares: Rasperia’s securities account currently frozen in Austria due to EU sanctions.
Frozen Dividends: Retained dividend distributions from Strabag over recent years.
Cash Distributions: Proceeds from Strabag’s 2024 capital reduction.
Interest & Court Costs: Accrued interest and substantial litigation costs (court fees in Austria alone amount to approx. €41 million).
What Happens Next
Legal experts expect the proceedings in Vienna to be resolved relatively quickly, within about six months. Should the RBI prevail and the Financial Market Authority (FMA) grant approval, a court-appointed administrator will be appointed. This administrator would liquidate Rasperia’s frozen Strabag shares and pay the proceeds from the sale to the RBI.