Russia Bank VTB Set To Pull Out From Europe: Financial Times

Russian bank VTB is preparing to wind down its European operations after being hit hard by Western sanctions, the Financial Times (FT) reported.

Photo Insert: VTB is a state-owned bank.

VTB has an investment banking operation in London and a retail bank in Germany with 160,000 customers but has decided it is unable to operate outside Russia after its assets were frozen by Western allies, the FT said, citing people with knowledge of internal discussions.

Reuters had reported on Wednesday that regulators are preparing for a possible closure of the European arm of VTB, Russia's second-largest bank, amid growing concerns about the impact of Western sanctions on the bank after Russia's invasion of Ukraine.

Operations of many Western firms in Russia have been shuttered while Russian ships and airlines have been barred from entering the US, UK and many European Union (EU) member-states.

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