On Wednesday, April 5, VTB, the second Russian bank, announced a loss of 7 billion euros in 2022, due to sanctions. ” Unprecedented “ which affected it in retaliation for the Russian offensive in Ukraine, including its exclusion from the international express payments system.
In 2022, the VTB Group faced unprecedented difficulties and challenges. (…) We became the first target of the maximum possible punishments, which led to great losses.Dmitry Pyanov, Chief Financial Officer of VTB, expressed his regrets in a press release issued by the group.
sequel after announcement
VTB announced that it incurred losses amounting to 612.6 billion rubles, or about 7 billion euros at the current rate, after 2021, which was marked by a net profit of 327.4 billion rubles in 2021.
Sanctions will accelerate Russia’s economic decline
International sanctions targeting the Russian banking sector have severely affected VTB, in which the Russian state is the largest shareholder, and is particularly present in foreign markets.
‘I was subjected to the most stringent restrictive measures’
In March 2022, a few days after the start of Russia’s military intervention in Ukraine, the European Union specifically excluded VTB from the international payment system Swift.
Its indestructible boss, Andrei Kostin, who has been in office since 2002, is being sanctioned individually, in particular by the United Kingdom and the United States.
sequel after announcement
“In 2022, VTB Group will become the first banking institution in Russia to be affected by the most stringent restrictive measures.”the bank said in its statement.
VTB has been listed significantly “Unprecedented influx of foreign exchange liquidity”And Losses related to the sale of subsidiaries – including the one that was on the European market, VTB Bank Europe – as well as the interest rate increase by the Central Bank of Russia, as the main reasons “difficulties” group.
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“Difficult external circumstances forced us to take quick and clear decisions.”Dmitry Pyanov added on Wednesday.
The group privately announced the acquisition of Otkrytie Bank in December 2022.
VTB accounted for 15 million customers in Russia in 2020 and employs nearly 80 thousand people.
