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NEWS: Russian court imposes €2 billion damages on Austrian bank Raiffeisen

The logo of Raiffeisen Bank International (RBI) is seen at its headquarters in Vienna, Austria, March 14, 2023. REUTERS/Leonhard Foeger/File

By Alexander Marrow, Francois Murphy, John O’Donnell and Gnaneshwar Rajan

A RUSSIAN court awarded more than €2 billion ($2.1 billion) of damages against the biggest Western bank in Russia, Austria’s Raiffeisen Bank International, in a landmark ruling underscoring the perils of doing business in Russia.

The case, in which lawyers for Raiffeisen accused the court of using intimidation tactics, is one of the most significant rulings against a Western company still operating in Russia, with one of the largest awards of damages yet.

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