Russian bank VTB to leave Europe

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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