The U.S. Department of the Treasury announced on May 14th the exposure of a scheme through which sanctioned Russian oligarch Oleg Deripaska attempted to gain access to $1.5 billion frozen with the help of the Austrian group Raiffeisen.
According to the department's press release, in June 2023, the oligarch, together with Russian businessman and owner of the consulting firm Titul Dmitry Byeloglazov, agreed on a "planned operation to sell Deripaska's frozen shares in a European company."
After that, a subsidiary of "Titul" called "Iliadis" was created. In early 2024, it acquired the Russian investment holding company Rasperia, which owns Deripaska's frozen shares.
It was Rasperia that was supposed to be a party to the agreement for the purchase of a stake in one of Europe's largest construction companies, Strabag, by the Austrian group Raiffeisen for over $1.5 billion.
Currently, Rasperia, "Titul," "Iliadis," and Byeloglazov have been sanctioned by the United States as "those who work or have worked in the financial services sector of the Russian Federation's economy" and assisted the sanctioned oligarch in circumventing restrictions.
Last week, Raiffeisen unexpectedly announced the cancellation of the deal with the Deripaska-associated company because during discussions with authorities, it "could not achieve the necessary confidence" for its continuation.
It is known that previous intentions to conclude the deal had already drawn criticism from the U.S., as Deripaska is under American sanctions.
Raiffeisen Bank International is the largest Western bank continuing to operate in Russia after its full-scale invasion of Ukraine. The group announced its intention to downsize its business in Russia in the spring of 2022 but has not done so yet.
