Kostin proposed to transfer the assets of departing companies from unfriendly countries to management

Chapter VTB Andrey Kostin proposed to act on the principle of “tit for tat” in relation to the Russian assets of companies from unfriendly countries wishing to leave the Russian Federation. Their assets could be transferred to the management of Russian organizations, he said on the air of the Russia 24 TV channel.

Kostin recalled that the VTB subsidiary in Germany was, by decision of the regulator, placed under the control of the administration appointed by him, which voted for the liquidation of the bank.

“We are told that nothing can be expropriated. And it is not necessary – it is necessary to make an absolutely mirror image. Right now, the Finns there – the Finns are not very friendly now – have a big company, let’s say Fortum. They value it in billions of dollars, and there are a lot of people who want to buy it abroad, even in Russia. And why, for example, not take control? ”, – leads words by Kostin TASS.

According to the banker, Fortum’s assets could be transferred under management, for example, “Inter RAO”, and after the lifting of sanctions – to return them.

“That’s fair,” he added.

Kostin believes that it is possible to allow the sale of assets to companies leaving the country only in individual cases, despite the attractiveness of buying “at half the price what costs twice as much.” The Central Bank adheres to the same position, he added.

“In some cases, this can be done as an exception, but as a system, it is absolutely necessary, “tit for tat”, to adequately and accurately reproduce the actions that they do against us,” he said.

After the start of the special operation in Ukraine, VTB fell under US blocking sanctions along with other Russian banks. Similar measures against the state bank were introduced by the UK and the EU.

The European Union also decided to disconnect VTB from the international interbank system SWIFT. In mid-December last year, the bank’s press service stated that VTB has been living under sanctions since February 2022, so it has already learned to adapt to this. When the US imposed restrictions on companies affiliated with VTB, the bank called this decision politicized.

Finland’s Fortum said in February that the sale of its core assets is a “priority route” for the company, but that the asset disposal process is “fraught with significant uncertainties.” “Such as regulatory approval of the deal. For this reason, it may take some time for Fortum to complete the process,” the Finnish company said at the time. At the same time, Fortum estimated the value of its Russian assets at 1.7 billion euros.