Raiffeisen Bank International shares dropped over eight percent on Thursday following a report by short seller Grizzly Research. The firm alleges RBI enabled the circumvention of sanctions against Russia, Iran, and North Korea through specific trade deals.
Grizzly Research claims customs documents reveal trade transactions worth $1.19 billion, including $106.75 million in goods like tank components. The report calls for formal investigations by the FMA, the ECB, and the United States Department of the Treasury.
RBI denies all allegations, calling the report factually incorrect and misleading. This follows a Russian court awarding 2.4 billion euros to Rasperia from RBI's accounts, while the bank pursues a 3.15 billion euro lawsuit against the Strabag co-owner.