Russia may face an “orchestrated” default on state debt due to Western sanctions which should not be seen as a technical default, the CEO of Russia’s second-largest lender VTB Andrey Kostin said in TV interview released on Friday. As Russia teeters on the brink of a historic default, foreign investors in the country’s debt have…
Russian Bank VTB No Longer Has Control of European Subsidiary: German Regulator
April 12, 2022
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FRANKFURT—Russian bank VTB can no longer exercise any control over its European subsidiary in the wake of new sanctions, German regulator BaFin said on Sunday. The European Union on Friday formally adopted new sanctions against Russia, which will ban a range of imports and also ban all transactions with four Russian banks, including VTB. BaFin…
Russian Banks Need to Be Recapitalized as Losses Loom, VTB CEO Says
April 5, 2022
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Russia’s banks will need a wider recapitalization, Andrey Kostin, CEO of No.2 lender VTB, has told the TASS news agency, with the scale of it to be determined later this year once there is a clearer picture of the losses the sector faces. “I don’t know yet where the capital boost will come from but…
Sanctioned Russian Bank VTB Pays Bond Coupons in Roubles
April 5, 2022
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Sanctioned Russian lender VTB has made coupon payments in roubles to holders of its domestic subordinated bonds denominated in dollars and euros, the National Settlement Depository said on Tuesday. Russia’s ability to continue servicing debt in foreign currencies is in focus as the government, which has so far avoided a default, faces issues paying holders…
Sberbank, VTB Shares Rebound as Russia’s Top Banks Escape UK Sanctions
February 22, 2022
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MOSCOW—Shares in Russia’s two largest lenders, Sberbank and VTB, reversed early losses to trade higher on Tuesday after the state-controlled groups escaped British sanctions on Russian banks. British sanctions targeted Bank Rossiya, Black Sea Bank, Genbank, IS Bank, and Promsvyazbank—smaller lenders of which only the latter is on the Russian central bank’s list of systemically…
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