Contents tagged with VTB Bank

  • Kremlin preparing for secret negotiations to sell off Russian state companies abroad

    The Russian government is preparing to privatize a number of state companies, Russian Minister of Economic Development Maxim Oreshkin announced at the World Economic Forum in Davos.

    The negotiations with foreign investors will be closed off to the public.

    “We are working on a number of deals, working in a closed format,” TASS cites Oreshkin as saying. “When you prepare a deal, it doesn’t have to be public, we don’t need to discuss who we are negotiating with. There are a number of assets …

  • Cyprus court arrests Ukrainian oligarch Firtash’s assets in Russian bank lawsuit

    The District Court of Limassol, Cyprus, has arrested nearly $46 million worth of Dmytro Firtashi’s property as part of a lawsuit by Russia’s VTB Bank, Kommersant reports.

    The lawsuit was filed on 20 December 2018, and within the week, the Ukrainian businessman’s property was placed under arrest as an interim measure. The consideration of the case is scheduled for the end of January.

    The lawsuit concerns the debts of PJSC Ukrainian Chemical Products and LLC Titan Investments, which own …

  • Head of Russia’s Alfa Bank sees no alternative to U.S. dollar

    The Chairman of the Board of Directors of Alfa-Bank Group, Petr Aven, does not see an alternative to the U.S. dollar in case Russia completely moves away from using the US dollar for international trade.  

    “Today, I see no alternative in the global trade. It would be very inefficient and entail huge costs. If banks are cut off from the U.S. dollar, what should they do? Kostin (the head of VTB Bank Andrey Kostin) suggested the use of the Russian rubles. This is a bad decision for everyone. I …

  • Chinese banks join sanctions against Russia

    The Russian government’s hopes that China will help it to overcome western sanctions are gradually being dashed by the harsh reality, writes.

    Despite the fact that de jure Beijing has not placed any financial sanctions on Russia, Chinese banks have effectively adopted the restrictions imposed by the US and EU.

    China’s commercial credit organizations are delaying transfers to Russian banks’ accounts, or outright refusing to make payments, said Vladimir Danilov, head of the Central …

  • Russian state-owned bank changes name and ownership structure of its US subsidiary to have foothold in the US market

    Russian state-owned VTB financial group sold its US subsidiary, VTB Capital Inc, reports Interfax news agency, citing the bank’s press release. “The company was renamed to Xtellus Capital Partners and became an independent player in the stock market and fixed income operations,” the information agency stated.

    The subsidiary was sold to the former management of VTB Capital Inc.

    An American company will act as a broker-dealer for the Russian VTB group in the US market that would enable clients …

  • Ukrainian President: $5 billion in bank assets remain in occupied territory

    During a meeting in Volyn Oblast, President Petro Poroshenko said that bank assets valued at $5 billion remain in the occupied territory.

    "One number that has never been made public is that bank assets worth $5 billion have remained in the occupied territory," the President said.

    Poroshenko added that these funds cannot be withdrawn because the treasuries had been seized.

    On March 6, Ukraine extended sanctions against four banks with Russian state capital for four years. The banks affected …

  • Russia’s VTB Bank admits it has difficulties selling its subsidiaries in Ukraine

    The Russian banking group VTB cannot sell two of its subsidiary banks in Ukraine: VTB and BM Bank. This was stated on the sidelines of the Eastern Economic Forum by the head of VTB, Andrey Kostin.

    "We will reduce the size of business and expenses, sell the assets little by little, take back loans, and sell all kinds of collateral. And withdraw from there. No one will allow anything to be sold there, probably," Kostin said.

    VTB Group in May last year announced its intention to sell Ukrainian …

  • Russian Banks Refuse to give Loans to Crimeans

    The instability of the credit histories of Crimean residents means that the denial of their loan applications has become a “common practice” of Russian banks, as explained by the head of the Union of Financial Services Consumers (FinPotrebSoyuz), Mikhail Beliaev.

    “As we know, the bank is a commercial institution and operates within strict guidelines and instructions... We need to understand that the labor situation in the Crimea is not good, of course, and therefore wages are not stable. It is …