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FRANKFURT, April 10 (Reuters) – Russian financial institution VTB (VTBR.MM) can not train any management over its European subsidiary within the wake of recent sanctions, German regulator BaFin mentioned on Sunday.
The European Union on Friday formally adopted new sanctions in opposition to Russia, which can ban a variety of imports and in addition ban all transactions with 4 Russian banks, together with VTB. learn extra
BaFin mentioned following the sanctions, administration at VTB’s Frankfurt-based subsidiary is not allowed to take directions from the father or mother financial institution, and that the father or mother firm can’t entry the monetary property or financial assets of its European unit.
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The measures “end in an entire ring-fencing of VTB Financial institution (Europe) SE from the father or mother firm,” BaFin mentioned.
VTB didn’t instantly reply to a request for remark.
VTB was one of many Russian banks excluded from the SWIFT messaging system, in what was a giant blow to its potential to switch cash. learn extra
However the brand new EU sanctions will block all transactions with the financial institution.
BaFin additionally mentioned savers who’ve deposits with VTB’s European subsidiary would nonetheless have entry to their funds.
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Reporting by Tom Sims
Modifying by David Goodman and Jane Merriman
Our Requirements: The Thomson Reuters Belief Rules.
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