EU Considers Lifting Sanctions for Austrian Bank Compensation

The European Union is reportedly contemplating a move to lift sanctions on assets associated with Russian oligarch Oleg Deripaska. This adjustment aims to compensate Austria's Raiffeisen Bank International for damages imposed by a Russian court, as detailed by the Financial Times on Friday.

The proposal includes unfreezing shares worth approximately 2 billion euros in the Austrian construction company Strabag, previously part-owned by Deripaska. According to sources, these shares would be transferred to Raiffeisen after a lawsuit from Deripaska's former company, Rasperia, resulted in a hefty fine from the Russian judiciary.

Several EU member states are expected to voice opposition to the Austrian-proposed plan at an ambassadorial meeting. There are concerns that this might embolden Russian courts retaliating against EU sanctions by reinforcing their decisions to confiscate Western assets, potentially setting a precedent for other oligarchs to follow.

(With inputs from agencies.)