Russian court freezes Raiffeisen Bank.
A Russian court had placed a preliminary injunction, imposing an immediate transfer ban on the shares of AO Raiffeisenbank, which is one of the largest Western banks in Russia.
Raiffeisen Bank International AG is the 100% shareholder of AO Raiffeisenbank.
The decision is related to the legal proceedings recently initiated by Rasperia Trading Limited in Russia against STRABAG SE, its primary Austrian shareholders and AO Raiffeisenbank.
AO Raiffeisenbank is referenced in the claim in connection with the other defendants, although it’s not accused to have committed any misconduct.
Raiffeisenbank has been operating in Russia since 1996. In 2001, the bank established a branch in Saint Petersburg, followed by openings in Samara, Yekaterinburg, Novosibirsk in 2005 and in Krasnodar in 2006. By 2018, the bank initiated the development of a digital presence, enabling customer service without the need for physical branches. In 2019, Raiffeisenbank opened virtual offices in 109 cities across Russia.