VTB President confirmed his refusal to work in Crimea
One of the leading Russian banks, VTB, does not plan to start working in Crimea due to the threat of Western sanctions, the president of the financial institution, Andrei Kostin, admitted at a meeting of the Federation Council on Friday.
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“I often have to answer the question why VTB does not go to work in Crimea. I am forced to answer that such a step will inevitably lead to falling into the category of so-called “extended sanctions.” Unlike the sectoral ones that apply today against VTB and more than 230 other Russian companies in various industries, the expanded sanctions provide for the freezing of the assets of an organization located in the United States - that is, any dollar account. The inability to work with the main settlement systems, which means, in essence, the suspension of any banking activity for international and other currency settlements,” Kostin said, speaking to senators.
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