VTB Bank to Transfer Customers' Foreign Assets to Other Organizations

The Russian VTB Bank will transfer its customers' foreign assets to other organizations due to sanctions. This was reported by Interfax.

It is noted that the bank will inform its clients by March 30 about which financial institutions will receive their foreign assets.

“Due to the current situation in the financial markets and the restrictions imposed on VTB Bank by foreign states, we have made the decision to transfer the servicing of foreign securities to other leading financial organizations in Russia, for the sake of our clients’ care and the protection of their interests. We have taken this step to ensure you can maintain the opportunity to buy and sell any assets without restrictions,” the statement read.