Washington’s intervention is likely to derail one of the biggest Western deals in Russia since the start of the Ukraine war and piles more pressure on the Austrian group that handles billions of euros of international payments for Russians, two of the people said. The news rattled investors.

Raiffeisen is buying the stake in Vienna-based Strabag from a company the construction group identified as controlled by Oleg Deripaska. The bank billed the deal, which is routed via Russia, as a means of unlocking some of the billions of euros stranded in Russia and potentially loosening its ties. The news in December prompted a rally in the bank’s stock, which has been hit hard due to its Russia links.