Austria's RBI drops bid for stake linked to Russian tycoon after US pressure

Item 1 of 2 Russian billionaire Oleg Deripaska attends the St. Petersburg International Eco nomic Forum in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov/File PhotoRussian billionaire Oleg Deripaska attends the St. Petersburg International Eco nomic Forum in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov/File PhotoBid for stake linked to sanctioned tycoon droppedhas dropped a bid for a 1.

"In recent exchanges with the relevant authorities, RBI has been unable to obtain the required comfort in order to proceed with the proposed transaction," the bank said on Wednesday.because Deripaska is sanctioned, exacerbating tensions between Washington and RBI, which is already under scrutiny from U.S. sanctions enforcement agency OFAC, sources told Reuters.

Two years after Russia's invasion of Ukraine, RBI's continued Russian presence underlines the ties between Moscow and Vienna - whether via Russian gas pipelines or Vienna serving as a hub for cash from Russia and former Soviet states.The group, controlled by a network of local banks rooted in the country's farming sector and critical to the economy, holds large sway in Austria.

RBI, which acts as an international payments bridge for Russia, has resisted pressure to cut ties with Moscow, although it says it has long explored doing so.

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