(Bloomberg) -- The first part of a complex sequence of deals to repatriate Raiffeisen Bank International AG capital stranded in Russia began on Wednesday, with the transfer of shares in an Austrian construction company owned by sanctioned oligarch Oleg Deripaska.

Strabag SE said it had been notified by Deripaska that he had transferred his 24.1% share stake — frozen by European sanctions — to Russian company Iliadis JSC. If the proposed deal can clear US concerns over sanctions compliance, Raiffeisen’s Russian unit would subsequently buy the Strabag shares from Iliadis and then transfer them to its Austrian parent as a dividend in kind. 

The deal is aimed at bringing home about half of more than €3 billion ($3.25 billion) in excess capital Raiffeisen has stuck in Russia due to limits on cash dividend payments abroad.

US authorities have warned the Viennese lender that violation of sanctions imposed in the wake of Russia’s war in Ukraine would risk penalties. Raiffeisen has said it considers the deal to be in compliance as it isn’t dealing with Deripaska directly, but would not proceed with any deal that exposes it to US penalties. 

In Wednesday’s statement, Strabag said it was not in a position to make a sanctions review of the transaction between Deripaska and Iliadis, therefore continued to assume the shares were frozen.

Raiffeisen is continuing to work on the deal — which it had planned to finalize by the end of March —, and will give an update at its annual shareholder meeting on April 4th at the latest, a spokesman said in emailed comments to Bloomberg.

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