The sovereign bank of the Russian Federation VTB closes its single subsidiary in Africa. This is due to the recent sanctions and the fact that the bank is connected to the SWIFT system.
RBC-Ukraine reports this in a statement to The Moscow Times.
Following the data of ZMI, Banco VTB Africa S.A. was launched in Angola in 2007. The bank has decided to issue a license for banking operations.
“We are closing it, we are accepting the license. This is a voluntary license issue – we have everything frozen there,” the head of the bank said Andriy Kostin.
According to him, a meeting was held with the President of Angola, Joao Lourenço, as soon as possible to determine the share of the bank. And its other largest shareholder is the Angolan diamond mining corporation Endiama.
It is clear that Banco VTB Africa has not been able to negotiate about the future.
Varto respect that VTB has faced similar problems. And with other branches in Britain, Germany and other republics.
The Russian State Bank was given control over VTB Capital and VTB Bank Europe. Around this, business in Georgia was closed.
Sanctions against VTB Bank
In 2017, VTB checked the reorganization of the European sub-holding, combining its branches in Germany, Austria and France under a single licensed by VTB Bank Europe. This bank was owned by VTB, and after the introduction of sanctions against the Russian bank in 2022, the German regulator sided with VTB through the management of its European “daughter” and having reduced its control over the assets of VTB Bank Europe, having designated, that the European bank itself did not fall under EU sanctions.
In the cruel fate of 2023, the United States called the head of VTB Andriy Kostin and two of his assistants to the broken sanctions. Zokrem, Kostin are accused of misappropriation of money and damage to relations associated with the voyage of two yachts and a cabin in the resort town of Aspen, USA.
According to the USA, Kostin took part in the scheme of theft. sanction and recovery of funds to support two super yachts at a cost of over 135 million dollars.
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