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The Maltese Herald

Austria fights for preferential treatment over Raiffeisen Bank

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by

Mark Camilleri
in , ,

Austria is fighting fore preferential treatment in the upcoming 19th sanctions package against Russia by the EU over its Raiffeisen Bank. According to the Financial Times the bank is following Russian law and Russian Courts in order to claw-back frozen assets under its custody which were owned by sanctioned Russian individuals. The complex procedure involves the bank paying a fine in Russia while in turn, keeping ownership of the confiscated assets.

This issue is allegedly withholding the conclusion of the new EU sanctions package against Russia.

Austria has a deep love affair with Raiffeisen Bank, which is the last European bank with deep ties and operations in Russia. Raiffeisen Bank is also one of Alkagesta’s bankers, and has a branch in Malta. Alkagesta is being investigated by multiple authorities over fraudulent trafficking of Russian oil and its owner is under arrest in Azerbaijan. Alkagesta is also registered in Malta where it is the largest oil-cargo handler.

The EU is currently finalising its 19th-sanctions package against Russuia. Malta is not opposing the package.

 

Comments

2 responses to “Austria fights for preferential treatment over Raiffeisen Bank”

  1. The EU provides funds for the Special Tribunal for the Crime of Aggression against Ukraine - The Maltese Herald avatar
    The EU provides funds for the Special Tribunal for the Crime of Aggression against Ukraine – The Maltese Herald

    […] High Representative Kallas reiterated that the EU will keep supporting Ukraine and after Russia’s clear refusal to bring an end to its war, the EU is preparing for the long-haul with further sanctions that are expected to be announced soon. The proposed 19th sanctions package against Russia has been held back by Austria over its proposed exceptionalism to Raiffeisen Bank. […]

    Reply
  2. Exclusive: Raiffeisen Bank will not be sanctioned, but recital urges banks to divest from Russia - The Maltese Herald avatar
    Exclusive: Raiffeisen Bank will not be sanctioned, but recital urges banks to divest from Russia – The Maltese Herald

    […] is lobbying the EU over Raiffeisen Bank for a derogation to exempt its bank to unfreeze shares of the Russian company, Strabag, under its […]

    Reply

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