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VTB to close deal to sell off its blocked assets in Q2

According to VTB First Deputy Chairman of the Management Board Dmitry Pianov, the postponement of the finalization of the deal was related to, among other things, changes regarding the legal viability of blocked assets

MOSCOW, April 25. /TASS/. VTB was unable to close a deal to sell off part of its blocked assets to an external legal entity in April but is determined to take care of this business in Q2 2024, First Deputy Chairman of the Management Board Dmitry Pianov said.

"We did not finalize the deal to sell our portion of blocked assets to an external legal entity. So this will not be included in Q1 2024 results, as the deal will be finalized in the second quarter. The postponement of the finalization of the deal was also related to, among other things, changes regarding the legal viability of blocked assets, I mean the presidential decree released in early April, which amends the presidential decree dated January 3," he said. "We had to regroup the assets on the legal strategy and the assets that we can potentially sell to an external counterparty," Pianov added, noting that "the transaction will definitely take place," and that the deal is expected "in the second quarter."

The presidential decree was published in early April 2024, stipulating that the ban on the arrest of funds and securities in Type "C" accounts starting April 8 is only effective if respective court rulings were made after January 3, 2024.

PIanov said in late March that VTB planned to finalize the deal to sell part of its blocked assets to an external party in April. The amount here is in the tens of billions of rubles, he noted.

VTB was blacklisted by the US and the UK in the spring of 2022. The EU also put it on sanctions lists. Restrictions suggest freezing assets and banning transactions with them for individuals and legal entities from those countries.

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