Chinese 100, 50, 20, 10 and 5 yuan bills and Russian 1,000 and 100 ruble bills - Sputnik International, 1920
Get breaking stories and analysis on the global economy from Sputnik.

US Treasury Removes Former European Subsidiary of Russia's VTB Bank From Sanctions List

© AP Photo / Patrick SemanskyThe Treasury Building is viewed in Washington, May 4, 2021.
The Treasury Building is viewed in Washington, May 4, 2021. - Sputnik International, 1920, 02.04.2024
WASHINGTON (Sputnik) - The US Treasury Department on Tuesday removed a former European subsidiary of Russia’s VTB Bank from its sanctions list.
In April 2022, German regulator BaFin said that Russia’s VTB can no longer exercise any control over its European subsidiary in connection with new sanctions. The watchdog shortly after appointed a special representative to help run the European arm of the Russian bank.
In March 2023, an annual meeting of new shareholders decided to liquidate VTB Bank Europe as of April 1, 2023. VTB calls the moves illegal and political.
Sanctions cover - Sputnik International, 1920, 23.02.2024
Two Years of Anti-Russian Sanctions in Numbers
In November 2023, the former subsidiary changed its name to OWH SE after VTB refused to allow it to operate under the brand.
In February 2024, VTB said that OWH SE denies VTB's right of ownership over the German bank and is demanding the return of dividends since 2013 worth more than 433.8 million euros.
Russia's economy is outpacing other nations. - Sputnik International, 1920, 01.04.2024
Sanctions Empower Russia, 'Boomerang' on Europe and Undermine Dollar Hegemony – Experts
To participate in the discussion
log in or register
Заголовок открываемого материала