The US is pressuring Raiffeisen Bank, the largest Western bank in Russia, to cancel a $1.6 billion industrial investment.
According to Reuters, the bank has chosen an interesting exit strategy from Russia. In its plan to repatriate its remaining $1.6 billion assets in Russia, it planned to buy shares in the Austrian construction company Strabag, originally owned by Russian businessman Oleg Deripaska.
The 28 percent stake would be realized through Raiffeisen’s subsidiary in Russia, after which the holding would be transferred to Vienna. The idea was touted as a way to unlock some of the billions of euros worth of assets frozen in Russia.
But things did not go as expected. According to Reuters, the deal is facing scrutiny from Washington. Deripaska is subject to sanctions over possible links to the Kremlin, making the deal a possible violation of Western restrictions.
