VTB assets will be deposited in the trust – Kommersant FM
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The British former subsidiary of VTB will be able to pay off creditors. Among them is the Russian bank itself. However, he will not receive his money; it will end up in a trust. The scheme was developed by external managers of the British VTB Capital, writes RBC. Their structure owes clients £800 million. Of these, 262 million pounds are claims from the parent company, VTB itself.
Since the bank is under sanctions, it was not possible to pay off any of the creditors. The solution was a special trust – VTB’s money would hang in it. He will not be able to receive them due to current restrictions, noted Dmitry Dvoretsky, senior lawyer in the compliance and sanctions law practice of BGP Litigation:
“The UK’s blocking sanctions regime implies their extension not only to persons blacklisted, but also to those under control. Blocking sanctions prohibit sanctioned individuals from accessing their assets. In fact, this means that VTB has lost the ability to make decisions regarding its assets.
In this regard, it became impossible to fulfill obligations to creditors, and external management was introduced in December 2022. The procedure involves determining the size of creditors’ claims and identifying assets that can be used to repay them.
Among other things, the law provides for the establishment of a trust to which the same property mass is transferred, those assets that will later be used to pay off debts to creditors. The important thing here is that the sanctioned persons will not be able to obtain fulfillment of their demands until the restriction regime is changed in relation to them or until the sanctions are lifted.”
The scheme has yet to be approved by sanctions regulators and VTB itself. Most likely, the bank will not object, believes Pen & Paper lawyer Roman Kuzmin:
“The overwhelming majority of creditors should vote in favor, but it is unknown how VTB will vote. In my opinion, this will be a political decision for them. Most likely, VTB will support the scheme, because I do not see any negative consequences for them. As can be seen from the report, VTB’s group debt makes up a fairly large part, in fact, a third. It is almost certainly impossible to make this decision without VTB. We must also not forget that it must also be approved by sanctions regulators.”
The head of VTB, Andrei Kostin, hid his indignation in an interview, speaking about the loss of Western assets: “Unprecedented things, absolutely gangster methods.”
Everything is clear with us – Telegram channel “Kommersant FM”.
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