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New US sanctions against Russia not to affect VTB Bank (Azerbaijan) (exclusive)

New US sanctions against Russia not to affect VTB Bank (Azerbaijan) (exclusive)

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Date: 24 December 2015 20:52

Baku, Azerbaijan, Dec. 24

By Azad Hasanli – Trend:

As a result of the new sanctions imposed by the US against Russia, VTB Bank (Azerbaijan) was also under the influence of these sanctions. But they will not affect the activity of VTB Bank (Azerbaijan), Yuri Yakovlev, Chairman of the Board of VTB Bank (Azerbaijan), said in an exclusive interview with Trend Dec. 23.

The US extended sanctions against Russia. The subsidiaries of VTB Bank in other countries, including Azerbaijan were also under the influence of these sanctions.

"VTB Group has been under the US sanctions since July 2014,” he said. “Therefore, the new sanctions will not bring any changes or additional problems, except those available, namely the restriction on drawing funds on the foreign markets for more than 30 days."

Yakovlev said that the bank has already adapted to these conditions and is working as usually.

The US new sanction list includes 34 points, namely, companies and individuals. But the matter rests in specifying the previously imposed sanctions. Besides VTB subsidiaries, the list also includes VTB 24, "VTB Leasing" and "VTB Insurance". Moreover, the list includes Sberbank Europe, Sberbank Switzerland, Savings Insurance and Yandex.Money (Savings Bank owns 75 percent). The Russian insurance companies were mentioned on the sanction list for the first time.

"Bank VTB (Azerbaijan)" is a subsidiary of "VTB Bank". The shareholders of "VTB Bank (Azerbaijan)" are "VTB Bank" and "AtaHolding". "Bank VTB (Azerbaijan)" renders the services to the corporate business, small business and private clients. Today the bank is represented by 14 subsidiaries and the Customer Service Office under the main service.

As of late September, the registered capital of the bank amounted to 50.82 million manat, total capital - 53.07 million manat. The bank's assets amounted to 369.96 million manat, the loan portfolio - 347 million manat and the deposit portfolio - 60.7 million manat for the third quarter.
The official exchange rate is 1.5523 AZN/USD Dec. 24.

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