Raiffeisen Says Russia Court Denied Unfreezing Local Unit Shares

Raiffeisen Bank International AG said a Russian court denied its request to unfreeze the shares of its troubled unit in the country even after the subsidiary met all financial commitments in a related trial.

The blocked shares had served as collateral for any damages Raiffeisenbank Russia would need to pay Rasperia Trading in a lawsuit demanding compensation after an abandoned plan to transfer sanctioned shares in Austrian construction company Strabag SE.

Following a verdict that forced the Raiffeisen unit to pay more than €2 billion ($2.3 billion) to the Russian company formerly owned by businessman Oleg Deripaska, the Viennese lender ...