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Raiffeisen earlier announced plans for its Russian subsidiary to buy a stake in an Austrian construction group Shares in Raiffeisen Bank International (RBI) rallied around 12% on Wednesday shortly after the banking group announced plans for its Russian unit to purchase a stake in Austrian construction company Strabag.

The bloc wants to seize the revenue generated from $200 billion of the frozen funds The EU has agreed on the expropriation of revenue generated from frozen Russian assets to continue funding and arming Kiev, Brussels announced on Wednesday. The bloc’s ambassadors agreed on the course of action “in principle,” but the legal text still must be ratified…