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☆ JPMorgan Chase is caught in U.S-Russia sanctions war after overseas court orders $440 million seized from bank
▼ + stars: | 2024-04-24 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A Russian court sided with state-run lender VTB Bank in its efforts to recoup $439.5 million from JPMorgan Chase that the American lender froze in U.S. accounts after the Ukraine invasion. The court ordered the seizure of funds in JPMorgan's Russian accounts and "movable and immovable property," including the bank's stake in a Russian subsidiary, according to a court order published Wednesday. It also boosted an ongoing American effort to convince European allies to release Russian state assets to assist Ukraine. JPMorgan said Russian courts have enabled similar efforts by Russian lenders against American or European banks at least a half dozen other times. JPMorgan said it faced "certain and irreparable harm" from VTB's efforts.

Persons: Jamie, JPMorgan Chase, VTB, Jamie Dimon, Biden, Joe Biden, JPMorgan Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, VTB Bank, JPMorgan, of Locations: Washington ,, Ukraine, Russian, St, Petersburg, U.S, Russia, Southern, of New York

☆ Russian court rules in favour of VTB Bank's $122 mln claim from former European subsidiary
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

SummaryCompanies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Dec 1 (Reuters) - A Russian court has ruled that state-owned lender VTB's (VTBR.MM) claim for 112.6 million euros ($122.1 million) from its former European subsidiary should be paid, court filings showed on Friday. VTB in September filed a lawsuit seeking to recover debt from the former subsidiary, now called OWH SE, and applied for interim measures that were granted in full, leading the Russian court to freeze securities owned by OWH. Frankfurt-based VTB Bank (Europe) SE, already ring-fenced by regulators due to sanctions and in liquidation since last year, has been renamed OWH SE, its Chief Executive Officer Frank Hellwig said last month. German regulator BaFin said the measures had resulted in a complete ring-fencing of the subsidiary from its parent. ($1 = 0.9222 euros)Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: VTB, Frank Hellwig, OWH, BaFin, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: VTB's, OWH ., VTB Bank, Thomson Locations: Russia, Ukraine MOSCOW, OWH . Frankfurt, Europe, Ukraine, VTB

☆ Russian companies' scaled-down IPOs in 2023
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A customer walks in a store of Russian clothing retailer Henderson in Moscow, Russia October 31, 2023. IPO/DPO- Biotech startup Genetico (GECO.MM) raised 179 million roubles in an IPO in April. - CarMoney, a fintech service owned by SmartTechGroup (STG) raised 978 million roubles in a direct public offering (DPO) in July. - Technology company Astra (ASTR.MM) raised 3.5 billion roubles in an October IPO. - Men's clothing chain Henderson (HNFG.MM) attracted 3.8 billion roubles through its IPO in early November.

Persons: Maxim Shemetov, Uzhuralzoloto, Vladimir Putin's, Softline, Alexander Marrow, Kevin Liffey Organizations: Henderson, REUTERS, Biotech, SmartTechGroup, Technology, Astra, SPO, State, VTB Bank, Reuters, Thomson Locations: Moscow, Russia, Ukraine, IPOs

☆ Russia's VTB in Europe changes name as it liquidates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Before Russia invaded Ukraine, VTB in Europe attracted tens of thousands of German savers with its relatively high interest rates and marketed itself as a sponsor of Frankfurt's ice hockey team, the Lions. But after the war began, savers withdrew their money, resulting in a bank run and prompting regulators to manage the outflow. VTB in Russia did not immediately respond to requests for comment. The Direktbank division that served retail savers has closed with its last customer - who used VTB for a deposit for a garden shed.

Persons: Majid Asgaripour, Russia's, Frank Hellwig, VTB, Hellwig, Miro Zadro, Tom Sims, John O'Donnell, Alexander Marrow, Barbara Lewis Organizations: West Asia News Agency, REUTERS, Rights, Reuters, Lions, savers, Thomson Locations: Tehran, Iran, Frankfurt, Europe, Russia, Ukraine, VTB, Ost, West

The sanctions imposed by Treasury Department's Office of Foreign Assets Control target third-party firms and people alleged to assist Moscow in procuring equipment needed on the battlefield, including suppliers and shippers. In addition, the State Department imposed diplomatic sanctions targeting Russian energy production and its metals and mining sector. Thursday's sanctions targets include Turkish national Berk Turken and his firms, which are alleged to have ties to Russian intelligence. The latest sanctions build on the thousands of financial penalties imposed on Russian infrastructure and its officials, banks and oligarchs. He accused the U.S. and its allies of ignoring Russia’s demand to prevent Ukraine from joining NATO and offer Moscow security guarantees.

Persons: Berk Turken, Janet Yellen, Russia “, ”, SWIFT, Vladimir Putin Organizations: WASHINGTON, United Arab, Treasury Department's, Foreign, State Department, Treasury Department, United Arab Emirates, Financial Engineering, VTB Bank, Central Bank, NATO Locations: United States, Turkey, China, United Arab Emirates, Ukraine, Turkish, Russian, Russia, UAE, ARX, U.S, Moscow

☆ 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

☆ 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

☆ Russia's VTB Bank nearing record profits as lending picks up
▼ + stars: | 2023-07-27 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

2 lender VTB (VTBR.MM) remains on track for record profits this year, CFO Dmitry Pyanov said, anticipating a further rise in lending and improving the bank's forecast for return on equity to above 20% for 2023. The bank posted 142.6 billion roubles ($1.58 billion) in second-quarter net profit on Thursday and said returns for the year as a whole could exceed 400 billion. VTB did not provide comparative figures as banks were ordered to limit disclosures in 2022. "The target may be higher than 400 billion roubles...I admit that it won't be exactly 400, but it won't be rounded up to 500 - you should not expect this. Pyanov said VTB would issue "replacement bonds" for three Eurobond issues, two denominated in dollars, and one in Swiss francs.

Persons: VTB, Dmitry Pyanov, Pyanov, Elena Fabrichnaya, Alexander Marrow, Jason Neely Organizations: Bank of, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Bank of Russia

☆ 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: 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

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.

☆ U.S. to allow some Russian energy-related transactions until next May
▼ + stars: | 2022-11-10 | by ( Simon Jessop | ) www.reuters.com time to read: 1 min

WASHINGTON, Nov 10 (Reuters) - The United States will allow some energy-related transactions with several Russian entities including Sberbank (SBER.MM), VTB Bank (VTBR.MM) and Alfa-Bank to continue through May 14, the Treasury Department said on Thursday. Treasury said in a notice on its website that it was extending a general license that was set to expire next month. Russia's central bank is also on the list of entities. The move comes weeks before the Group of Seven's Dec. 5 price cap on Russian oil is set to take effect. Reporting by Costas Pitas and Daphne Psaledakis; Editing by Eric BeechOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's VTB Bank opens 'vostro' account at Indian branch
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Oct 26 (Reuters) - Russia's No.2 lender VTB (VTBR.MM) on Wednesday said it had opened a special "vostro" account at its Indian branch that would allow for the more active use of Indian rupees in payments under import and export contracts between Russia and India. It follows a similar move by Russia's dominant lender Sberbank (SBER.MM), which on Monday said it was offering clients "vostro" accounts in rupees, aiming to facilitate clients in carrying out rupee-denominated trade transactions which are increasing due to western sanctions. Both state-run banks have obtained permission to open vostro accounts - which a local correspondent bank holds on behalf of a foreign bank - from the Reserve Bank of India (RBI), which earlier this year to put in place a mechanism to facilitate international trade in rupees. The measure was seen as aiding business ties with Russia in case of more stringent Western sanctions against Moscow. Reporting by Alexander Marrow; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

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.

☆ 3 ways China and Russia are forging much closer economic ties
▼ + stars: | 2022-09-15 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +10 min

Beijing has carefully avoided violating Western sanctions or providing direct military support to Moscow. For the first eight months of this year, total goods trade between China and Russia surged 31% to $117.2 billion. "Russia needs China more than China needs Russia," said Keith Krach, former Under Secretary of State for Economic growth, Energy and the Environment in the United States. For China, Russia now accounts for 2.8% of its total trade volume, slightly higher than the 2.5% share at the end of last year. "Russia's war in Ukraine is not in China's interest, but given Western hostility, China will not oppose Russia," she added.

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