-Russian financial institution VTB is getting ready to wind down its European operations after being hit arduous by Western sanctions, the Monetary Occasions reported on Sunday.
VTB has an funding banking operation in London and a retail financial institution in Germany with 160,000 clients however has determined it's unable to function outdoors Russia after its property had been frozen by Western allies, the FT stated, citing folks with information of inner discussions.
Reuters had reported on Wednesday that regulators are getting ready for a potential closure of the European arm of VTB, Russia’s second-largest financial institution, amid rising considerations in regards to the influence of Western sanctions on the financial institution after Russia’s invasion of Ukraine.
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