Austria has urged the European Union to ease restrictions on assets owned by Russian businessman Oleg Deripaska as part of negotiations on the bloc’s 19th sanctions package against Moscow. Vienna proposed unfreezing around €2 billion worth of shares in Austrian construction group Strabag, currently blocked under EU measures, and transferring them to Raiffeisen Bank International (RBI) as compensation for a fine the bank was forced to pay in Russia.
Vienna’s plan tied to Raiffeisen’s Russia exposure
According to reports, Austria suggested that Strabag shares controlled by Deripaska through his company Rasperia could be unlocked to offset losses sustained by RBI. The bank, which retains the largest presence in Russia among Western lenders since 2022, has faced mounting pressure from both European governments and Russian authorities. While EU officials pressed RBI to exit Russia, Moscow resisted, citing the bank’s crucial role in maintaining access to the international Swift payment system.
Earlier this year, media noted that RBI abandoned efforts to sell its Russian unit, following growing political sensitivity around the issue. Austrian officials now argue that reallocating the frozen Strabag shares to the bank would balance losses inflicted by Russian court rulings connected to Deripaska-linked businesses.
Concerns over weakening EU sanctions regime
Sanctions on Deripaska were initially imposed because his business empire was deemed to provide material support to Russia’s defense industry. A previous attempt by Raiffeisen and the oligarch to engineer a complex asset swap involving his 24% stake in Strabag collapsed due to fears it would breach EU restrictions.
Senior European officials warn that accommodating Austria’s request could set a damaging precedent. They stress that lifting sanctions without clear conditions risks legitimizing efforts by Russian oligarchs to bypass restrictions, while also encouraging Moscow to use its courts as leverage against Western companies.
Wider implications for EU policy on Russia
Many EU governments remain opposed to relaxing sanctions, arguing that such measures are a critical tool in constraining Russia’s ability to finance its war in Ukraine. Analysts underline that frozen Russian assets represent not only leverage over the Kremlin but also potential funds for future reparations to Kyiv. Allowing an exception for Deripaska could erode this pressure and undermine the broader sanctions architecture.
Critics further note that most Russian oligarchs, including Deripaska, have neither condemned the war nor broken ties with state structures. Instead, they remain integral to the political and economic system that sustains the Kremlin’s policies. For these governments, easing restrictions now would be both premature and strategically risky.
