Raiffeisen Bank's 2 Billion Euro Setback in St. Petersburg

A court in St Petersburg denied Raiffeisen Bank's appeal against paying 2 billion euros in damages to Russian firm Rasperia. The January ruling, one of the harshest against a Western company in Russia, underscores the challenges foreign businesses face in the country.

A court in St Petersburg has rejected Raiffeisen Bank's appeal against a significant financial ruling. The Austrian bank was ordered to pay 2 billion euros in damages to the Russian investment company Rasperia, their legal team informed Reuters on Thursday.

This landmark decision, originally handed down in January, represents one of the most severe judgments against a Western company still conducting business in Russia. Raiffeisen Bank International remains the largest Western financial institution operational in the country, making the ruling particularly impactful.

The case highlights the ongoing challenges faced by international businesses in Russia, reflecting a complex legal landscape in which foreign entities must operate.

(With inputs from agencies.)