VTB failed to agree with European banks on the exchange of blocked assets
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Negotiations on the exchange of VTB’s assets blocked in Europe for the assets of foreign banks in Russia have stalled. About it told Deputy Chairman of the Board of VTB Dmitry Pyanov during a press conference. Now, instead of an exchange, VTB has decided to separate the frozen assets into a separate structure in order to clear its balance sheet. The bank plans to complete this process in 2024.
Mr. Pyanov did not specify the exact amount of frozen assets that VTB plans to allocate to a separate structure, he only said that they are estimated at “hundreds of billions” of rubles. At the same time, the deputy chairman of the board of VTB indicated that in order to transfer assets, amendments to the legislation should be made. In the fall of 2022, VTB estimated the entire volume of frozen assets at 600 billion rubles.
“The only inorganic event that will have a significant impact on capital is a change in Law 292 related to facilitating the allocation of a special financial company for us with the transfer of blocked assets and liabilities there. But we proceed from the fact that changes will be made this year, and this reorganization event will take place in 2024, ”said Dmitry Pyanov (quoted by TASS). According to him, now VTB is consulting with the Bank of Russia and the Ministry of Finance on amendments to the law.
In July 2022, Law No. 292-FZ came into force, allowing sanctioned banks to reorganize: form a new legal entity, transfer to it assets frozen due to restrictions, and at the same time liabilities in the form of obligations to foreign creditors. After that, all settlements on debts to non-resident clients will be performed only at the expense of the assets of the new company. This right is valid until December 31, 2023.
VTB was one of the first Russian banks to be sanctioned by the US, EU, UK and other countries in 2022. They, among other things, assumed the freezing of assets and the prohibition for residents of these countries to make any transactions and operations with the bank and its structures.
After being included in the sanctions list, VTB forcibly transferred the investors’ assets to other brokers – Alfa-Bank and Rosselkhozbank, but foreign securities were still frozen. Affected investors filed a lawsuit and demanded that the credit institution compensate for losses due to the freezing of securities. However, the court left the claim without consideration.
More details – in the material “Kommersant FM” “VTB investors went to court”.
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