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LONDON, Dec 9 (Reuters) – The British unit of Russian bank VTB has been placed into administration after receiving prohibition licenses from both UK and US authorities, its appointed administrators Teneo Financial Advisory said in a statement on Friday.
A court allowed VTB Capital Plc to be put into administration in April, after Western sanctions on VTB after Russia’s invasion of Ukraine ruled that the unit was unable to operate, pending an embargo license.
State-owned VTB ( VTBR.MM ), Russia’s second-biggest bank, said earlier this year it planned to close the London-based arm of its investment bank. Britain froze VTB’s assets on February 24, as part of the initial wave of sanctions following the invasion.
Stephen Brown and Taneo’s David Soden have been appointed administrators of VTB Capital plc after it was placed into administration on December 6, Taneo said in a statement on Friday.
Brown and Soden are now using sanctioned licenses to acquire the unit’s fixed assets, Tanio said, which will enable repayment of non-sanctioned creditors.
VTB Capital Plc was placed into administration after receiving a UK OFSI sanctions license in April and a US OFAC license in November, Tanio said.
Reporting by Carolyn Cohn and Ian Withers, editing by Hugh Jones
Our Standards: The Thomson Reuters Trust Principles.
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