Raiffeisen Bank International has lost in court an application to overturn a ban on the sale of its Russian subsidiary, complicating plans to exit.
Cristina Petrache
International
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Raiffeisen Bank International has announced that the Russian court has rejected its request to overturn a ban on the sale of its local subsidiary, a decision that hampers the bank's efforts to withdraw from Russia. The ban is linked to a lawsuit by Russian company Rasperia, which is seeking compensation of two billion euros. RBI believes the legal proceedings are over, but the court ruled to extend them, complicating the bank's plans to sell 60% of its Russian business amid international pressure to scale back operations in the country.
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