diff --git a/lib/liquid/tags/raw.rb b/lib/liquid/tags/raw.rb
index 6b461bdb5..ce797541a 100644
--- a/lib/liquid/tags/raw.rb
+++ b/lib/liquid/tags/raw.rb
@@ -12,9 +12,9 @@ def initialize(tag_name, markup, parse_context)
     def parse(tokens)
       @body = ''
       while token = tokens.shift
-        if token =~ FullTokenPossiblyInvalid
+        if token =~ FullTokenPossiblyInvalid and block_delimiter == $2
           @body << $1 if $1 != "".freeze
-          return if block_delimiter == $2
+          return
         end
         @body << token unless token.empty?
       end
diff --git a/test/integration/tags/raw_tag_test.rb b/test/integration/tags/raw_tag_test.rb
index 634d052d1..d5ee6a767 100644
--- a/test/integration/tags/raw_tag_test.rb
+++ b/test/integration/tags/raw_tag_test.rb
@@ -23,6 +23,10 @@ def test_open_tag_in_raw
     assert_template_result ' Foobar {{ invalid 1', '{% raw %} Foobar {{ invalid {% endraw %}{{ 1 }}'
   end
 
+  def test_nested_tag_in_raw
+    assert_template_result '{{ {% test %} }}', '{% raw %}{{ {% test %} }}{% endraw %}'
+  end
+
   def test_invalid_raw
     assert_match_syntax_error(/tag was never closed/, '{% raw %} foo')
     assert_match_syntax_error(/Valid syntax/, '{% raw } foo {% endraw %}')