The US lifts sanctions on the former European unit of one of Russia's largest banks
Kyiv • UNN
The United States has lifted sanctions on the former European unit of VTB Bank.
The United States has lifted sanctions on the former European division of VTB, one of Russia's largest banks. This is reported on the website of the US Treasury Department, UNN writes.
Details
Ost-West Handeslbank, as well as its former names, VTB Bank Europe and VTB Bank Deutschland, were reportedly removed from the sanctions list .
According to Radio Liberty, in April 2022, the German authorities took control of Bank Europe. Due to EU sanctions, they banned VTB from exercising its shareholder rights.
Addendum
Last fall, Reuters reported, citing the bank's chief executive, Frank Hellwig, that the European subsidiary of VTB, Russia's second-largest bank, was changing its name after its parent company refused to allow it to operate under the brand. Frankfurt-based VTB Bank (Europe) SE, which has already been shut down by regulators due to sanctions and is due to be liquidated in 2022, was changing its name to OWH SE, Frank Gellwig said.
