# VTB Bank

VTB Bank (Russian: ПАО Банк ВТБ, lit. 'PJSC Bank VTB'; formerly known as Vneshtorgbank, Внешторгбанк, lit. 'International Trade Bank') is a Russian majority state-owned bank headquartered in various federal districts of Russia; its legal address is registered as St. Petersburg. As of 2022, the company's capital stock was mostly owned by three Russian agencies.
VTB Bank and its subsidiaries form a leading Russian financial group – VTB Group uniting VTB banks located in different countries and offering a wide range of corporate banking services and products in Russia, CIS, Europe, Asia, Africa, and the US.
VTB was ranked 446th on the FT Global 500 2012, The Financial Times’ annual snapshot of the world's largest companies. It climbed to 210th in the ranking of the 500 largest companies in Europe, the FT Europe 500 2014, and to 127th in the FT Emerging 500 2014, the list of the 500 largest companies in the world's emerging markets. VTB Bank (PJSC) has 22 branches and 3 representative offices in 13 regions of Russia and 4 foreign countries.

## History

VTB Bank was founded as Vneshtorgbank in 1990 with the support of the Russian State Bank and the Ministry of Finance. It was set up as a limited liability company with the aim of servicing Russia's foreign trade operations and promoting Russia's integration into the global economy.
In 2004, the bank acquired a majority stake of 85.8% in Guta Bank, which was reorganised into a retail bank, Vneshtorgbank 24 (VTB24). The bank also acquired the Armenian Armsberbank, which was later renamed VTB Armenia. In 2005, the bank acquired 75% plus three shares of the Promstroybank (PSB), which was reorganised as Bank VTB North-West and later became VTB's North-Western Regional Centre, and bought the Ukrainian bank Mriya, which was later merged with VTB Bank (Ukraine).
In 2007, the bank set up a subsidiary in Angola known as VTB África. The bank also took over Slavneftebank in Belarus and later renamed it VTB Belarus. In June, VTB became the first Russian bank to offer an initial public offering (IPO), raising $8 billion in what became the largest international banking IPO at the time.
In 2008, the bank acquired a 51% stake in AF Bank in Azerbaijan from AF Holding International, later renaming it VTB Azerbaijan. In 2010, the bank's board approved the phased acquisition of TransCreditBank from Russian Railways. In 2013, VTB carried out a secondary public offering (SPO) which raised 102.5 billion rubles ($3.3 billion) and diluted the Russian government's share in VTB from 75.5 percent to 60.9 percent. In 2022, VTB Bank extended a 630 billion ruble ($11.06 billion) credit line to be used for the purchase, repair and modernisation of the country's railway infrastructure.
In 2011, VTB invested more than $191 million for shares in the Isle of Man company DST Investment 3 which was roughly than half of the funds in Yuri Milner's DST Global. This led to Milner's large stake in Twitter. Kanton had almost no investment in Twitter. DST Investment 3 also issued shares to Alisher Usmanov's Kanton that were used to support the Kremlin's investment in Facebook.
On 7 May 2014, VTB transferred most of its DST Investment 3 to Kanton.
In 2014, before Russo-Ukrainian War, VTB Bank was one of the biggest banks of Ukraine.
Since 2014, the bank has been subject to political sanctions (see separate section below).
In August 2018, it was announced that VTB Bank would acquire a 75% stake in Vozrozhdenie Bank after its previous owners oversaw a "major banking collapse".
In November 2018, the National Bank of Ukraine declared the Ukrainian subsidiary of VTB Bank insolvent due to its declining liquidity and worsening financial position.
In December 2018, it was announced that VTB Bank would be acquiring controlling stakes in Sarovbusinessbank (81.1%) and Zapsibcombank (71.8%).

### Mergers and acquisitions

VTB Bank took over 15 banks between 2002 and February 2019:
* Guta Bank (2004), later renamed VTB24
* Bank of Moscow
* TransCreditBank
* Armsberbank in Armenia (2004), later renamed VTB Armenia
* Promstroybank (2005), renamed Bank VTB North-West and later reorganised as VTB's North-Western Regional Centre
* Eurobank in Paris, France (2005), later renamed VTB France
* Evrofinance Mosnarbank in London, Great Britain (2005), which is associated with Moscow Narodny Bank Limited, and later renamed VTB Europe Plc, and then VTB Capital Plc
* Ost-West Handelsbank AG in Germany (2005), later renamed VTB Germany
* United Georgian Bank (2005), later renamed VTB Georgia
* Mriya in Ukraine (2006), later merged with VTB Ukraine
* Slavneftebank in Belarus (2007), later renamed VTB Belarus
* AF Bank in Azerbaijan from AF Holding International (2008), later VTB Azerbaijan
* Vozrozhdenie (2018)
* Zapsibkombank (2018)
* SarovBusinessBank (2018).

#### VTB24, Russian Post and Post Bank

On 24 July 2015, an agreement, approved by Dmitry Medvedev, was signed between the bank president, director of Russian Post, Dmitry Strashnov, and Minister of Communications and Mass Media, Nikolai Nikiforov, on the Russian Post purchase of 50 percent minus 1 share of Leto Bank (Summer Bank) from VTB24, with the purpose of reorganising it into the National Post Bank. The remaining 50 percent plus one share will be owned by VTB24 of VTB Bank. VTB CEO Kostin suggested appointing Dmitry Rudenko, the current head of Leto Bank, as the head of Post Bank (Russia).
On 28 January 2016, sets of documents were signed between VTB24 and Russian Post on establishing the Post Bank. Russian Post purchased 50 percent minus one share of the newly established Post Bank through its 100 percent subsidiary. The remaining 50 percent plus one share is owned by VTB24 of VTB Bank. Dmitry Rudenko, the head of Leto Bank of VTB24, became the head of Post Bank (Russia).
On 28 December 2017, VTB24 sells two shares to Dmitry Rudenko, the Chairman of the Board of Post Bank. VTB 24 and Russia Post have equal shares in Post Bank: each have 50 percent minus one share. VTB24 has 1,062 branches.
On 1 January 2018, VTB acquired VTB24. The integrated network has 1,350 branches.

## Corporate affairs
### Shareholders

In February 2011, the government floated an additional 10% minus two shares of VTB Bank. The private investors, who paid a total of 95.7 billion rubles ($3.1 billion) for the assets, included the investment funds Generali, TPG Capital, China Investment Corp, a sovereign wealth fund responsible for managing China's foreign exchange reserves, and companies affiliated with businessman Suleyman Kerimov.
In May 2013 VTB completed a secondary public offering (SPO), issuing 2.5 trillion new additional shares by public subscription. All shares were placed on Moscow's primary stock exchange. The government did not participate in the SPO, so its stake in the bank decreased to 60.9% after the subscription closed. The bank raised 102.5 billion rubles worth of additional capital. Three sovereign wealth funds, Norway's Norges Bank Investment Management, Qatar Holding LLC and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and commercial bank China Construction Bank became the largest investors during the SPO, after purchasing more than half of the additional shares issued.
In 2017, the main shareholder of VTB was the Russian government, which owned 60.9% of the lender through its Federal Agency for State Property Management. The remaining shares were split between holders of its Global Depository Receipts and minority shareholders, both individuals and companies.

#### 2020 and onward

As of February 2022, the bank reported that its stock shares were distributed in the following way:
* 12.13% of (capital) shares – Federal Agency for State Property Management (Russia)
* 32.88% of (capital) shares – Ministry of Finance (Russia)
* 47.22% of (capital) shares – Deposit Insurance Agency of Russia

### Executive management

As of April 2022, its Management Committee (referred as VTB Bank Management Board or VTB MB) includes:
* Andrey Kostin – Chief executive of the Bank (since 10 June 2002), President and Chairman of VTB Bank Management Board, Member of the Supervisory Council,
* Andrey Puchkov (First Deputy President and Chairman of VTB MB)
* Denis Alexandrovich Bortnikov (Deputy President and Chairman of VTB MB), son of Alexander Bortnikov, director of the Federal Security Service
* Olga Dergunova (Deputy President and Chairman of VTB MB)
* Valery Lukyanenko (Deputy President and Chairman of VTB MB)
* Anatoly Pechatnikov (Deputy President and Chairman of VTB MB)
* Maxim Kondratenko (Member of VTB MB)
* Erkin Norov (Member of VTB MB)
* Dmitriy Pianov (Member of VTB MB)

### Supervisory council

As of April 2022, VTB's Supervisory Council consists of Anton Siluanov (Chairman of the Supervisory Council), Matthias Warnig (member of the Supervisory Council),[8] Sergey Dubinin (member of supervisory council), Mikhail Zadornov (Member of Supervisory Council), Andrey Kostin (President and Chairman of VTB Bank Management Board), Shahmar Movsumov (Independent member of supervisory council), Igor Repin (Independent member of Supervisory Council), Alexander Sokolov (Member of Supervisory Council), Vladimir Chistyukhin (member of supervisory council), Mukhadin Eskindarov (Member of Supervisory Council).

## Financial data

Consolidated Statement of Financial Position as at 31 December 2021: net interest income – 646,3 RUB billion, net fee and commission income – 90,0 RUB billion, operating income before provisions – 822,7 RUB billion, staff costs and administrative expenses – -308,8 RUB billion, net profit – 327,4 RUB billion.
The 2022 results showed a loss of 612.6 billion rubles ($7.7 billion), mainly due to sanctions.

## Major subsidiaries

Previously 100% owned VTB Capital (New-York, US etc.) was sold in September 2018
VTB's major subsidiaries as of April 2022 were:
| Company | Share | Notes |
| Insurance company VTB Insurance | 100% | |
| VTB-Leasing | 100% | |
| VTB Dolgovoi centre | 100% | |
| VTB Pension administrator | 100% | |
| VTB Factoring | 100% | |
| VTB Registrar | 100% | |
| Hals-Development | 96.44% | |
| VTB Arena | 75.00% |
| VTB Real Estate | 100% |
| VTB Bank (Austria) AG (incl. VTB Bank (Deutschland) AG, VTB Bank (France) SA) | 100% | Inactive |
| VTB Bank (Armenia) | 100% | |
| VTB Bank (Belarus) | 100% | |
| VTB Bank (Kazakhstan) | 100% | |
| VTB Bank (Azerbaijan) | 51% | |
| Banco VTB Africa, SA (Angola) | 50.1% | |
| National Post Bank (ex. Leto Bank) | 50% minus 1 | |
| Velobike (bike rental service) | 100% | |
| VTB Specialized Depository, CJSC | 100% | |
* As of 12 February 2018, the United States Department of Treasury's Office of Foreign Assets Control (OFAC) Sectoral Sanctions Identifications list for VTB and its subsidiaries
* Bank VTB OAO 29, Bolshaya Morskaya str. Entity UKRAINE-EO13662 Non-SDN 100
* Bank VTB, Open Joint-stock Company 29, Bolshaya Morskaya str. Entity UKRAINE-EO13662 Non-SDN 100
* JSC VTB Bank 29, Bolshaya Morskaya str. Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank OAO 29, Bolshaya Morskaya str. Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank, OPEN JOINT-STOCK COMPANY 29, Bolshaya Morskaya str. Entity UKRAINE-EO13662 Non-SDN 100
* Bank VTB 24 (Zakrytoe Aktsionernoe Obshchestvo) d. 35 ul. Myasnitskaya Entity UKRAINE-EO13662 Non-SDN 100
* Bank VTB 24 Closed Joint Stock Company d. 35 ul. Myasnitskaya Entity UKRAINE-EO13662 Non-SDN 100
* Bank VTB 24 Public Joint Stock Company d. 35 ul. Myasnitskaya Entity UKRAINE-EO13662 Non-SDN 100
* Bank VTB 24 Publichnoe Aktsionernoe Obshchestvo d. 35 ul. Myasnitskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB 24 JSC d. 35 ul. Myasnitskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB 24 PAO d. 35 ul. Myasnitskaya Entity UKRAINE-EO13662 Non-SDN 100
* PJSC VTB Bank (Kiev) 8/26, Shevchenka boulevard/Pushkinska street Entity UKRAINE-EO13662 Non-SDN 100
* Public-Joint Stock Company VTB Bank (Ukraine) 8/26, Shevchenka boulevard/Pushkinska street Entity UKRAINE-EO13662 Non-SDN 100
* Publichne Aktsionerne Tovarystvo VTB Bank 8/26, Shevchenka boulevard/Pushkinska street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank, PJSC 8/26, Shevchenka boulevard/Pushkinska street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank, PJSC (Ukraine) 8/26, Shevchenka boulevard/Pushkinska street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank, Public Joint Stock Company 8/26, Shevchenka boulevard/Pushkinska street Entity UKRAINE-EO13662 Non-SDN 100
* CJSC VTB Bank (Belarus) 14, Moskovskaya Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Belarus) 14, Moskovskaya Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Belarus) Closed Joint Stock Company 14, Moskovskaya Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Belarus), CJSC 14, Moskovskaya Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Armenia) CJSC 46 Ul Nalbandyan Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Armenia), CJSC 46 Ul Nalbandyan Entity UKRAINE-EO13662 Non-SDN 100
* Bank VTB (Kazakhstan), JSC 28 v Timiryazeva str. Entity UKRAINE-EO13662 Non-SDN 100
* Joint Stock Company VTB Bank (Kazakhstan) 28 v Timiryazeva str. Entity UKRAINE-EO13662 Non-SDN 100
* Subsidiary JSC Bank VTB (Kazakhstan) 28 v Timiryazeva str. Entity UKRAINE-EO13662 Non-SDN 100
* Bank VTB (Azerbaijan) OJSC 38 Khatai ave. Nasimi district Entity UKRAINE-EO13662 Non-SDN 100
* JSC VTB Bank (Azerbaijan) 38 Khatai ave. Nasimi district Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Azerbaijan), OJSC 38 Khatai ave. Nasimi district Entity UKRAINE-EO13662 Non-SDN 100
* BANCO VTB Africa, S.A. 22, Rua da Missao Entity UKRAINE-EO13662 Non-SDN 100
* VTB Africa 22, Rua da Missao Entity UKRAINE-EO13662 Non-SDN 100
* JSC VTB Bank (Georgia) 14, G. Chanturia Street Entity UKRAINE-EO13662 Non-SDN 100
* JSC VTB Bank Georgia 14, G. Chanturia Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Georgia), JSC 14, G. Chanturia Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank (Austria) AG Parking 6, PO Box 560 Entity UKRAINE-EO13662 Non-SDN 100
* VTB Bank JSC Belgrade 2 Balkanska street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Banka AD Beograd 2 Balkanska street Entity UKRAINE-EO13662 Non-SDN 100
* Holding VTB Capital, CJSC 12 Presnenskaya nab. Entity UKRAINE-EO13662 Non-SDN 100
* KHolding VTB Kapital Zakrytoe Aktsionernoe Obshchestvo 12 Presnenskaya nab. Entity UKRAINE-EO13662 Non-SDN 100
* VTB Capital Holding CJSC 12 Presnenskaya nab. Entity UKRAINE-EO13662 Non-SDN 100
* VTB Capital Holding ZAO 12 Presnenskaya nab. Entity UKRAINE-EO13662 Non-SDN 100
* Obshchestvo s Ogranichennoi Otvetstvennostyu VTB Pensionny Administrator d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Pension Administrator, Limited d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Pension Administrator, Ltd d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Pensionny Administrator, OOO d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB DC (Debt Center), Ltd Room 47, office XIV, 8 Brestskaya Street Entity UKRAINE-EO13662 Non-SDN 100
* Insurance Company VTB-Insurance Limited str. 1 8 Chistoprudnyy bulvar Entity UKRAINE-EO13662 Non-SDN 100
* Insurance Company VTB-Insurance, Ltd str. 1 8 Chistoprudnyy bulvar Entity UKRAINE-EO13662 Non-SDN 100
* VTB Insurance Limited str. 1 8 Chistoprudnyy bulvar Entity UKRAINE-EO13662 Non-SDN 100
* VTB Strakhovanie SK OOO str. 1 8 Chistoprudnyy bulvar Entity UKRAINE-EO13662 Non-SDN 100
* VTB Strakhovanie Strakhovaya Kompaniya OOO str. 1 8 Chistoprudnyy bulvar Entity UKRAINE-EO13662 Non-SDN 100
* Obshchestvo s Ogranichennoi Otvetstvennostyu VTB Faktoring d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Factoring Limited d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Factoring, Ltd d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Faktoring, OOO d. 52 str. 1 nab.Kosmodamianskaya Entity UKRAINE-EO13662 Non-SDN 100
* Aktsionernoe Obshchestvo Negosudarstvenny Pensionny Fond VTB Pensionny Fond d. 43 str. 1 ul. Vorontsovskaya Entity UKRAINE-EO13662 Non-SDN 100
* Nekommercheskaya Organizatsiya Negosudarstvenny Pensionny Fond VTB Pensionny Fond d. 43 str. 1 ul. Vorontsovskaya Entity UKRAINE-EO13662 Non-SDN 100
* Non-State Pension Fund VTB Pension Fund, JSC d. 43 str. 1 ul. Vorontsovskaya Entity UKRAINE-EO13662 Non-SDN 100
* Nonprofit Organization Non-state Pension Fund VTB Pension Fund d. 43 str. 1 ul. Vorontsovskaya Entity UKRAINE-EO13662 Non-SDN 100
* NPF VTB Pension Fund, JSC d. 43 str. 1 ul. Vorontsovskaya Entity UKRAINE-EO13662 Non-SDN 100
* NPF VTB Pensionny Fond, AO d. 43 str. 1 ul. Vorontsovskaya Entity UKRAINE-EO13662 Non-SDN 100
* Obshchestvo s Ogranichennoi Otvetstvennostyu VTB Nedvizhimost d.70 ul. Mosfilmovskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Nedvishimost, OOO d.70 ul. Mosfilmovskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Real Estate Limited Liability Company d.70 ul. Mosfilmovskaya Entity UKRAINE-EO13662 Non-SDN 100
* VTB Real Estate, LLC d.70 ul. Mosfilmovskaya Entity UKRAINE-EO13662 Non-SDN 100
* CJS VTB Specialized Depository 35 Myasnitskaya Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Specialized Depository, CJSC 35 Myasnitskaya Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Registrar 23, Pravdy Street Entity UKRAINE-EO13662 Non-SDN 100
* VTB Registrar, CJSC 23, Pravdy Street Entity UKRAINE-EO13662 Non-SDN 100
* JSC VTB Leasing 2nd Volkonskiy pereulok 10 Entity UKRAINE-EO13662 Non-SDN 100
* VTB Leasing Open Joint-stock Company 2nd Volkonskiy pereulok 10 Entity UKRAINE-EO13662 Non-SDN 100
* VTB Lizing, OAO 2nd Volkonskiy pereulok 10 Entity UKRAINE-EO13662 Non-SDN 100
* VTB Lizing, Otkrytoe Aktsionernoe Obshchestvo 2nd Volkonskiy pereulok 10 Entity UKRAINE-EO13662 Non-SDN 100
* VTB-Leasing, OJSC 2nd Volkonskiy pereulok 10 Entity UKRAINE-EO13662 Non-SDN 100

## Sports sponsorships

VTB is one of the sponsors of all Dinamo Moscow sport clubs.
Since 2017, VTB Bank has been the title partner of the Russian Formula 1 stage in Sochi – Formula 1 VTB Russian Grand Prix.
Since 2016, VTB has been the tennis tournament VTB Kremlin Cup.
VTB has also been the title sponsor of the VTB United League since 2008. Since 2005, VTB Bank has been the general sponsor of the Kamaz Master team, a team which has been active in re-known rally raid such as Dakar Rally, Silk Way Rally and Africa Eco Race.
Since 2013, VTB Group has been supporting the Velobike, a bicycle-sharing system in Moscow, a project by the Department for Transport and Development of Road Infrastructure of the city. In 2018, the number of trips exceeded 3 million.

## Sanctions

On 29 July 2014, the Office of Foreign Assets Control (OFAC) published that the Bank of Moscow and VTB Bank OJSC, the second-largest bank in Russia, has been added to the Sectoral Sanctions Identifications List.
On 31 July 2014, VTB Bank and its subsidiaries was added to the European Union sanctions list due to its role in the annexation of Crimea by the Russian Federation that same year and the United Kingdom list from 1 August.
On 6 August 2014, VTB was added to the Canadian sanctions list due to its role in the Russo-Ukrainian War and the downing of Malaysia Airlines Flight 17.
On 13 August 2014, the United States clarifies entities under sectoral sanctions. United States increased its sectoral sanctions on VTB Bank together with its subsidiaries (“the VTB Group”) and the Bank of Moscow through its parent bank, VTB Bank OAO, and other entities that VTB has 50 percent or greater ownership either individually or in the aggregate, either directly or indirectly. Also, US persons cannot use a third-party intermediary, and they must use caution during "transactions with a non-blocked entity in which one or more blocked persons has a significant ownership interest that is less than 50 percent or which one or more blocked persons may control by means other than a majority ownership interest".
On 1 September 2014, VTB was added to the Australian autonomous sanctions list for Russia, Crimea, and Sevastopol.
On 12 September 2014, the United States issues a consolidated listing of directives associated with Executive Order 13662 sanctions during the Russo-Ukrainian war. For the Russian financial sector, Directive 1 was amended to increase the financial sanctions on the Russian financial sector for "all transactions in, provision of financing for, and other dealings" in new equity or new debt issued on or after 12 September 2014 to longer than 30 days maturity. New equity or new debt issued from 29 July 2018 until 12 September 2018 was sanctioned if longer than 90 days maturity.
In 2015, the banks' chief Executive Andrei Kostin predicted loses for the bank in the years to come because of the plunging ruble accelerated by international sanctions.
On 15 March 2017, Ukraine imposed sanctions against VTB Bank and subsidiaries because of the ongoing Russian interference in Ukraine.
On 28 November 2017, the United States increases the Executive Order 13662 sanctions to the Russian financial sector. For the Russian financial sector, Directive 1 was amended to increase the financial sanctions on the Russian financial sector for "all transactions in, provision of financing for, and other dealings" in new equity or new debt issued on or after 28 November 2017 to longer than 14 days maturity. New equity or new debt issued from 12 September 2014 until 28 November 2017 was sanctioned if longer than 30 days maturity.
On 27 November 2018, the National Bank of Ukraine declares the Ukrainian subsidiary of VTB Bank insolvent due to its declining liquidity and worsening financial position.
On 25 June 2020 European Court of Justice rejected VTB and Sberbank bank's 2014 lawsuit against EU sectoral sanctions citing that regulators were within their aims of "imposing a cost on the Russian government" because of the latter's actions in Ukraine.$^{:46}$ The court specified that ambiguity in some language versions of the regulation (that the bank argued were wrongly applied) doesn't prevent the court interpeting that section in a way best suited to the general purpose of the legislation, and precedent.
In February 2022, amid the Russo–Ukrainian crisis, US and EU officials were reportedly finalizing an extensive package of sanctions on VTB bank and other related Russian entities. On 24 February, after Russia launched a full-scale invasion of Ukraine, US president Joe Biden and British prime minister Boris Johnson announced new sanctions against VTB bank and its directors, along with other Russian individuals and companies.