VIENNA (Reuters) – Austria’s Raiffeisen Bank International, Russia’s largest Western bank, cannot give a timeline for its disputed deal to buy a stake in Austria’s Strabag long owned by a sanctioned Russian tycoon, the bank’s chief executive said on Thursday.
But chief executive Johann Strobl told shareholders at the annual general meeting: “The sooner the better.”
The comments are the latest step in the RBI’s attempt to gain a stake in the complex deal to free up some of its billions stuck in Russia. On March 20, Reuters reported that U.S. Treasury officials raised concerns about the €1.1 billion deal in meetings with the bank and Austrian authorities.
Earlier this week, the RBI said the deal complied with sanctions laws but “requires careful compliance review” following the recent transfer of holdings.
In December, the RBI announced its intention to buy Strabag’s stake from Russia’s Rasperia Trading Limited, a company controlled by sanctioned Russian businessman Oleg Deripaska.
The RBI had then said it planned to close the deal by the end of March.
Strobl told shareholders on Thursday that the bank had responded to questions from several authorities, including in the United States.
“We continue to believe… that such a transaction is legal and possible,” he told shareholders.