Russian bank VTB to leave Europe

Steffy Bogdanova
March 7, 2022 8:52 am

Russia’s second-biggest lender, VTB Bank is now preparing to leave Europe after being hit with sanctions by western countries.

VTB has an investment banking business in London and operates a retail bank in Germany.

The bank has decided it cannot operate in Europe after having its assets frozen, the Financial Times reported.

VTB is also due to be excluded from SWIFT global payments messaging system as part of the west’s financial sanctions regime.

Russia’s largest bank, Sberbank has already announced leaving European market earlier last week.

Sberbank and VTB account for over half of Russia’s banking market.

 

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Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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