MOSCOW, June 7. /TASS/. VTB Bank wants to funnel out blocked assets to a separate entity and plans to do this in 2024, Deputy CEO of the Russian bank Dmitry Pyanov told reporters during a conference call.
"The only inorganic effect to exert significant influence on the capital is essentially the amendment to Law No. 292, related to easier provision of a special financial company for us with the transfer of blocked assets and liabilities to it. We assume nevertheless that changes will be made this year and exactly this restructuring event will occur in 2024," Pyanov said.
The senior manager did not exclude that this special financial vehicle will be "spun off" later on.
The decision to bring immobilized assets to the balance of a separate entity "became the priority choice after disappointments" within the framework of asset swap talks," Pyanov said. "We understand that the stumbling block in the asset swap is the approval by EU and US authorities introducing sanctions. So to say, negotiations are in the deadlock, at least in our current times, within the framework of major frozen assets held directly by VTB Bank, which are of public significance for individual European markets (for example, our VTB Europe)," he added.
VTB was hit by US and UK sanctions last spring. EU sanctions were also imposed on it. Restrictions provide for the asset freeze and the ban on transactions with the bank for legal entities and individuals from these countries.