EU's Deripaska Sanctions Lift Plan Sparks Row, Austria Defends Bank
The European Union's plan to lift sanctions on Russian oligarch Oleg Deripaska's assets has sparked a row. Austria has raised objections, defending its bank's interests, while other EU states worry about legitimizing Russia's circumvention of sanctions.
EU leaders are discussing a proposal to unfreeze Deripaska's assets, including shares in Austrian construction giant Strabag, as compensation for Raiffeisen Bank International (RBI). RBI faces pressure to exit Russia but is hindered by its access to the SWIFT system.
Russian President Vladimir Putin has responded to potential EU asset seizures with a decree expediting the sale of state-owned assets, including those of foreign companies. This move has raised concerns among some EU members, who fear it sets a dangerous precedent for Russia's retaliation against sanctions.
The EU's plan to compensate RBI for its Russian fine by lifting sanctions on Deripaska's assets faces resistance. Austria defends its bank's interests, while other EU states worry about legitimizing Russia's circumvention of sanctions. The proposal remains under discussion as part of the latest EU sanctions package.
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