Raiffeisen's Legal Battle: Navigating the Perils of Russian Business

Raiffeisen Bank faces a 2 billion euro damages claim by Rasperia, highlighting the risks of operating in Russia. The case, which impacts the bank's significant Russian holdings, is set for an April 24 hearing in St Petersburg. Raiffeisen is confident in its Austrian legal prospects to recover Rasperia's assets.

Raiffeisen Bank International's appeal against a staggering 2 billion euro damages order from Russian firm Rasperia is scheduled for a Russian court hearing next month. The legal battle underlines the inherent risks Western companies face while operating in Russia.

The Kremlin has asserted that adverse actions against Russia will not go unpunished, setting an April 24 hearing date at St Petersburg's arbitration appeals court. The case revolves around Rasperia's claim against Raiffeisen's Russian subsidiary.

Raiffeisen Bank has substantial financial interests in Russia, reportedly having 6 billion euros on Russian soil, primarily from international transactions. The bank is determined to recover these assets and is optimistic about their prospects in an Austrian court case concerning Rasperia's substantial holdings.

(With inputs from agencies.)