Raiffeisen Bank International (RBI) has made a deal to skirt Russia sanctions by purchasing a €1.5 billion stake in Strabag, an Austrian construction company, from sanctioned tycoon Deripaska. RBI's Russian subsidiary is buying 28% of Strabag from Deripaska and paying a dividend in kind with the shares. The deal has brought profit home to Russia, leading to a rally in Raiffeisen's shares. The move has also prompted a 27% upside for a global stock after it cut its Russian stake. The EU bank's shares shot up following the Russia deal announcement.
EU bank’s shares shoot up on back of Russia deal Raiffeisen earlier announced plans for its Russian subsidiary to buy a stake in an Austrian construction group https://t.co/6Z9dWwryW4 https://t.co/leOJTDKjFV
Citi upgraded a global stock after its move to cut its Russian stake — and gives it 27% upside https://t.co/mVTIfX0gDR
Raiffeisen Rallies as Strabag Deal Brings Russia Profit Home https://t.co/nhmxTwSJPB
Smart deal from RBI to extract some value trapped in their Russian business: RBI Russia is buying from Deripaska 28% of STRABAG (listed Austrian construction biz) RBI Russia pays a dividend in kind with the shares. Putin will authorise divis if you're generous with his pals
Raiffeisen Buys Sanctioned Tycoon Deripaska’s Strabag Stake https://t.co/ZSgsUZahFq
Raiffeisen and Deripaska skirt Russia sanctions with €1.5bn deal https://t.co/zO9idbyWLa