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☆ Who is in Putin's delegation to China - and who stayed in Moscow?
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.

Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian

☆ VTB CEO sees 2023 profit at around 420 bln roubles -news agencies
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS/File Photo Acquire Licensing RightsMOSCOW, Sept 12 (Reuters) - Russia's second largest bank VTB (VTBR.MM) could make a profit of around 420 billion roubles ($4.46 billion) in 2023, news agencies quoted CEO Andrei Kostin as saying on Tuesday. Kostin said the bank, which plunged to a sanctions-induced loss in 2022, planned to use the profits to replenish its capital. Kostin said the bank was ready to invest up to 1 trillion roubles in floating-rate government debt. ($1 = 94.2500 roubles)Reporting by Elena Fabrichnaya and Alexander Marrow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Majid Asgaripour, Andrei Kostin, Kostin, Elena Fabrichnaya, Alexander Marrow, Jason Neely Organizations: West Asia News Agency, REUTERS, Rights, Thomson Locations: Tehran, Iran

☆ Top Russian banks say exporters can now get trapped funds from India
▼ + stars: | 2023-09-12 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +3 min

After Moscow despatched troops to Ukraine in February 2022, Western countries imposed sweeping sanctions and have sought to wean themselves off Russian energy exports. India has been a major beneficiary, picking up Russian oil on the cheap. In response, India is seeking to stimulate investment in several sectors and diversify the goods that India supplies to Russia, Kapoor said at the economic forum. Tightening global supplies have led Russian companies to stop offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices, three industry sources told Reuters. On the transactions issue, Kapoor rejected reports in Russian media that rupees stuck in Russian exporters' accounts in India were related to oil supply payments.

Persons: Ivan Nosov, Andrei Kostin, Kostin, Moscow Pavan Kapoor, Kapoor, Sergei Lavrov, Lavrov, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Emelia Organizations: ., Economic, RBC, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, India, Moscow, Ukraine, Vladivostok, Sberbank, Arab, Emirates, Russian, Jakarta

☆ Russia's VTB to make record profit in 2023 but dividends unlikely, CEO tells RBC
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

The logo of VTB bank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsMOSCOW, Sept 11 (Reuters) - Russia's state-owned VTB bank (VTBR.MM) will make a record profit this year, even though dividends are unlikely, the lender's CEO Andrei Kostin told Russian newspaper RBC in an interview published on Monday. RBC quoted Kostin as saying: "Our profit forecasts this year are good, the year is going well. Our target for net profit is 400 billion roubles ($4.13 billion), but I think we will eventually exceed this level and earn record profits." On the urgent recommendation of the central bank, we have suspended ... dividends," the newspaper quotes Kostin as saying.

Persons: Maxim, Andrei Kostin, Kostin, VTB, Elena Fabrichnaya, Felix Light, Christina Fincher Organizations: St ., Economic, REUTERS, Rights, Russian, RBC, United Shipbuilding Corporation, Kremlin, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine, India

☆ State-owned VTB bank to control Russia's biggest shipbuilding firm for five years
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

[1/3] Russian President Vladimir Putin attends a meeting with CEO of VTB bank Andrei Kostin in Moscow, Russia, August 10, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERSSummaryCompanies VTB to control United Shipbuilding Corporation for five yearsVTB boss Kostin says the news is unexpectedPutin says there are problems at USCMOSCOW, Aug 10 (Reuters) - President Vladimir Putin said on Thursday that the state-owned VTB (VTBR.MM) bank would be given control of the state's 100% stake in United Shipbuilding Corporation (USC), the largest shipbuilding company in Russia. Trade and Industry Minister Denis Manturov specified that VTB would manage the stake in trust for five years. United Shipbuilding Corporation builds vessels for both the civilian and military sectors, operating about 40 shipyards, design offices and repair yards across Russia and employing 95,000 staff. Putin told VTB CEO Andrei Kostin at a televised Kremlin meeting that he supported a government proposal to transfer the stake.

Persons: Vladimir Putin, Andrei Kostin, Mikhail Klimentyev, Kostin, Putin, Denis Manturov, Vladimir Vladimirovich, Manturov, Guy Faulconbridge, Kevin Liffey Organizations: Sputnik, United Shipbuilding Corporation, USC MOSCOW, USC, Trade, Industry, Kremlin, USC JSC, VTB Bank, Thomson Locations: Moscow, Russia, Kremlin

[1/2] The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Maksut Shadaev, the head of Russia's ministry of digital affairs, told parliament in December that around 100,000 IT specialists had left Russia in 2022. It is not yet clear whether Volozh's comments may have any bearing on how Russia decides to proceed with the company. One of the sources said "hawks" in state companies believed nothing at all should be paid to foreigners. Two sources said VTB had never been a serious option as a buyer, given sanctions on the state lender.

Persons: Yandex, Maksut Shadaev, Ramzan Kadyrov, Arkady Volozh, Andrei Kostin, VTB, Alexei Kudrin, Alexander Marrow, Polina Devitt, Mike Collett, White, Susan Fenton Organizations: REUTERS, nationalising Nasdaq, Reuters, Yandex NV, Yandex, U.S, Kremlin, Thomson Locations: Moscow, Russia, nationalising, Ukraine, Serbia, Yandex

☆ A top Russian banker says the dollar's dominance is ending — but China's yuan is gaining prominence
▼ + stars: | 2023-06-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The CEO of Russia's VTB Bank said the US dollar's dominance is ending, but the yuan could be on the rise. His comments come as VTB, Russia's second-largest bank by assets, is discussing settling trade transactions using the yuan with countries outside China. The debate is fanned by fears that Washington is weaponizing the US dollar-denominated global financial system against Russia over the Ukraine war. VTB posted a loss of $7.7 billion in 2022 due to Western sanctions against Russia. But the bank expects to post record profits in 2023 after acquiring a rival Russian bank, Reuters reported in April.

Persons: —, Andrei Kostin, Kostin, Russia's, Washington, VTB Organizations: Russia's VTB Bank, Reuters, Service, US, Russia Locations: Reuters Beijing, China, Russian, Russia, Ukraine, Washington

☆ Exclusive: VTB to sell one of Russia's biggest grain traders, Demetra-Holding, CEO Kostin says
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, June 9 (Reuters) - VTB, Russia's second largest bank, will sell its stake in one of Russia's biggest grain traders, Demetra-Holding, and is in negotiations with both Russian and foreign buyers, CEO Andrei Kostin told Reuters in an interview. Demetra has a network of grain elevators, major deep sea grain terminals and its own logistics. It owns a non controlling stake in major grain trader United Grain Company (OZK). It's decided," Kostin told Reuters. Kostin said VTB saw few prospects for itself in the grain business, adding that a sanctioned bank in the shareholding hindered the holding.

Persons: Andrei Kostin, Demetra, VTB, It's, Kostin, Vadim Moshkovich, Guy Faulconbridge, Elena Fabrichnaya Organizations: Reuters, United Grain Company, Thomson Locations: MOSCOW, Russia, China

☆ Exclusive: Russia's VTB may pull out of running for Yandex stake - CEO Kostin
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Maxim ShemetovMOSCOW, June 9 (Reuters) - Russian state-owned lender VTB (VTBR.MM) may pull out of the running to acquire a stake in internet giant Yandex (YNDX.O), the bank's CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank's initial offer. Kostin said he was not sure VTB would continue with its bid. "I am not sure that we will go into Yandex," Kostin told Reuters when asked about plans. "It was announced at $7 billion recently, we submitted our application at a different price level, lower," Kostin said. VTB was hit hard with Western sanctions over Russia's actions in Ukraine, something that limits its ability to front a consortium bid, Kostin said.

Persons: Maxim Shemetov, Andrei Kostin, Kostin, –, Arkady Volozh, VTB, Vladimir Potanin, Vagit Alekperov, Guy Faulconbridge, Elena Fabrichnaya, Alexander Marrow Organizations: Moscow International Business Center, REUTERS, VTB, Reuters, Kostin, Yandex NV, Thomson Locations: Moscow, City, Russia, Maxim Shemetov MOSCOW, Yandex, Ukraine, Yandex's

Asked if he thought the world was in a new Cold War, Kostin said that it was now a "hot war" that was more dangerous than the Cold War. VTB, Kostin said, was discussing using yuan in settlements with third countries. "We have already entered into a hot war," Kostin said of the crisis with Ukraine. The situation is worse than in the Cold War, it is very difficult and alarming." Asked if Russia's economy would remain a free economy, Kostin said: "I very much hope so."

Persons: Dado Ruvic, Andrei Kostin, Kostin, Vladimir Putin, Putin, VTB, Guy Faulconbridge, Mark Potter Organizations: REUTERS, U.S ., European Union, Reuters, U.S, JPMorgan, VEB, EU, West ., Monetary Fund, Thomson Locations: Russian, China, MOSCOW, Russia, Ukraine, United States, Moscow, Australia, Britain, Soviet Union

MOSCOW, April 24 (Reuters) - Russia should consider taking over and managing the assets of foreign firms such as Fortum (FORTUM.HE) in Russia, giving them back only when sanctions are lifted, Andrei Kostin, the CEO of state-owned bank VTB (VTBR.MM), said on Monday. "Completing the exit is likely to take further time and there still are significant uncertainties – including regulatory approvals – related to the ongoing divestment process," Fortum said in February 2023. Kostin said Russia should consider taking over foreign companies' assets, a process that he said would mirror restrictions imposed on Russian assets abroad. Kostin named Fortum as an example of a large foreign company whose assets could be targeted. Reporting by Elena Fabrichnaya; Writing by Alexander Marrow Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

"It could be some kind of non-controlling stake in public companies," Kostin said in the interview. COMPETITIONHe said some industries lacked competition, a hangover from Soviet times, a consequence of which would ultimately see more investors take money elsewhere. Telecoms operator Rostelecom (RTKM.MM), defence conglomerate Rostec and state nuclear energy company Rosatom could have subsidiaries privatised, he said, adding: "The main thing is not to miss the moment when we can attract private money here." Under that programme, state property was sold very cheaply to well-connected businessmen who became known as "oligarchs". "We have a different country now, a different president, a different government that cannot allow what happened then," he said.

☆ Russia's VTB eyes rebound after sanctions-hit $7.7 bln loss
▼ + stars: | 2023-04-05 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +3 min

CEO Andrei Kostin has blamed the bank's losses squarely on Western sanctions against Russia's financial sector. VTB posted a net loss of 612.6 billion roubles ($7.73 billion), down from a record profit of 327.4 billion roubles in 2021. Provisioning costs increased 343.3% to 514.3 billion roubles and net interest income slumped 50.3% to 321.0 billion roubles. It purchased rival Otkritie for 340 billion roubles from Russia's central bank late last year and is planning a second additional share issue this quarter, in which it plans to raise 50-125 billion roubles. The disposal of those subsidiaries cost VTB 229 billion roubles before tax.

The SWIFT global payments system block and the freezing of more than $300 billion worth of central bank reserves abroad took Russia by surprise. The top executive at the top-20 Russian bank said Moscow was unprepared in particular for liquid assets being blocked and euro and dollar swaps becoming unavailable. "No one expected that the central bank would come under sanctions, and that it would be unable to help with foreign currency liquidity at that difficult moment," they said. 'BEST FRIEND'For banks, central bank support was crucial to weathering the initial hit to their business. The central bank's forecast is more restrained, at around 1 trillion roubles.

The West blocked several major Russian banks' access to the international SWIFT payments system soon after Moscow sent tens of thousands of troops into Ukraine on Feb. 24 last year, with dominant lenders Sberbank (SBER.MM) and VTB (VTBR.MM) - Russia's No. 2 bank - forced to shutter operations across much of Europe. Kostin, in an interview with state television channel Rossiya 24, said the bank had managed to grow its retail and corporate loan portfolios, but that sanctions accounted for all the lender's losses. VTB was forced to buy FX on the open market when the rouble had weakened sharply to more than 100 against the dollar, Kostin said. VTB was profitable in January and hopes to post profits in 2023 with a similar number of zeroes as the 320-billion-rouble figure achieved in 2021, Kostin said.

☆ Elon Musk was spotted with a sanctioned, pro-Putin Russian TV presenter at the World Cup final in Qatar
▼ + stars: | 2022-12-19 | by ( Jake Epstein | ) www.businessinsider.com time to read: +3 min

Elon Musk was photographed at the World Cup final with a sanctioned Russian TV presenter. "Argentina beat France on penalties in the World Cup final. In addition to Asker-Zade, Musk was also photographed at the game on Sunday with Jared Kushner, the son-in-law of former President Donald Trump, and Turkish President Recep Tayyip Erdogan. Jared Kushner and Elon Musk look on during the FIFA World Cup Qatar 2022 Final match between Argentina and France at Lusail Stadium on December 18, 2022 in Lusail City, Qatar. Dan Mullan/Getty ImagesTurkish President Recep Tayyip Erdogan (L) chats with Elon Musk (R), Founder of Tesla and SpaceX at Lusail Stadium.

☆ Russia's Sberbank makes over 50 bln rbls profit in 10-months
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Russian financial authorities have managed to stabilise the situation - yet restrictions, including capital controls, remain and partial mobilisation led to cash outflows from retail accounts in September and October. Sberbank shares were trading at 5.6% and VTB shares were up 3.1% at 1136 GMT, respectively. Sberbank's results "are good news allowing us to expect strong financial results in the remaining months and to hope for a dividend payout return," Promsvyazbank analysts said in a note. Dividends from Sberbank and VTB are an important source of budget revenues. Sberbank sees no restrictions on dividend payments in the coming years while VTB would use the bulk of its profit to beef-up the capital, their CEOs have said.

The order should also prohibit firms related to "unfriendly" states from owning Russian companies involved in grain loading capacity in ports, and grain storage, he said. VTB owns stakes in a number of major Russian grain export hubs in the Black Sea. Russian grain market players should still be allowed to sell grain to international traders for export on a free-on-board basis, which includes delivery to the final destination, the letter said. "But the main idea is to strengthen the position of Russian traders on the global market, not to prohibit anyone from doing anything," the source said. According to one grain trader, the government is expected to prepare its response to VTB's proposal by Sept. 30.

☆ Some Russian banking staff will be exempt from draft, bank CEO says
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: 1 min

Sept 22 (Reuters) - Some personnel working in Russia's banking sector deemed critically important will be exempt from the country's military call-up, the CEO of Russia's No. 2 bank VTB (VTBR.MM) said on Thursday. "For banks and companies in the financial sector, a number of critical staff will be identified who will not be called up," VTB head Andrei Kostin said. President Vladimir Putin ordered the immediate call-up of 300,000 reservists on Wednesday, although Defence Minister Sergei Shoigu said the mobilisation would be limited to those with experience as professional soldiers. read moreRegister now for FREE unlimited access to Reuters.com RegisterWriting by Caleb Davis; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

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