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Vneshekonombank says EU economic penalties not to have serious impact on its operations

August 02, 2014, 3:31 UTC+3 MOSCOW
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MOSCOW, August 01. /ITAR-TASS/. The EU sanctions are unlikely to produce any significant impact on operations of Vneshekonombank (WEB) group, the state-owned corporation said on Friday.

WEB continues meeting its obligations to investors, creditors and other counter agents normally and in full measure.

The European Union also put WEB’s retail “sisters” - Globexbank and Svyaz-bank-on its sanctions list.

On July 31, the European Union imposed sectoral sanctions against five Russian banks: Gazprombank, Sberbank, VTB, Vneshekonombank and Rosselkhozbank for 12 months. The sanctions took effect on Friday, August 1.

The EU may revise it list of economic penalties after 3 months.

However, the European Union has decided to exclude the “sisters” of Russian state-owned banks registered in the EU territory from sanctions. Sberbank, VTB and Gazprombank have sister banks abroad. Restrictions on attraction of loans for more than 90 days will, however, apply to the Russian parent companies and their “sisters” outside the EU, the Official Journal of the European Union said on July 31.

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