TASS. VTB Bank's Ukrainian subsidiary, the Bank of Moscow, that faces sanctions could be closed over the next few months, VTB CEO Andrey Kostin told journalists.
"We hold assets in Ukraine in the form of the Bank of Moscow against which special sanctions were imposed. We wanted to make an injection into the bank, but Ukrainian authorities objected to have the sanction regime changed. Most likely, we'll have to close the bank for sure in coming months," Kostin said.
Kostin thinks that the bank's closing would have an adverse impact on the Ukrainian banking sector.
Meanwhile, he pointed out that there are no "special prospects" for VTB Bank to roll out Ukrainian operations in the current political environment. "We've been doing our best to recover those funds that we lent in Ukraine and to minimize possible losses. I believe that in the near term we'll be unable to divest Ukrainian assets like other Russian banks," he emphasized.
