Most Russian banks and their branches (including VTB) continue to operate safely in Ukraine. Alfa-Bank, VTB, VEB, and Sberbank avoided sanctions, but Bank of Moscow (also known as BM Bank), part of the VTB Group, was placed on the sanctions list by Ukrainian lawmakers. As a result, the owners, who had previously planned to recapitalize the bank to continue operating in the financial market, decided to close the branch.
Specifically, VTB CEO Andrey Kostin said: "We have an asset in Ukraine, Bank of Moscow, which was subject to special sanctions. And in order to save this bank, we wanted to recapitalize it, but the Ukrainian leadership—I believe even the Security Council met there—are categorically against changing these sanctions. We will definitely close this bank in the coming months. …Our position is that we continue to collect funds and continue to reduce our expenses there. I think it's unlikely that we will be able to sell [BM Bank] anytime soon..."
SKELET-info
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