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VTB estimates net profit from sale of part of blocked assets at $187 mln

Dmitry Pianov said earlier that VTB planned to close the deal on sale of part of its blocked assets to an external legal entity in June

MOSCOW, June 28. /TASS/. The contribution of the transaction on sale of part of blocked assets to an external party to VTB’s net profit in June will total 16 bln rubles ($187 mln), First Deputy Chairman of the Management Board Dmitry Pianov told reporters.

"We have finalized all our agreements with an external party. <…> This is a Russian counterparty though we have no right to name it. Consequently, the transaction involves sale by VTB Bank of rights, or transfer of rights, any you like, for money flows from blocked assets. Sale at a discount. <…> Considering the fact that this may be not the last transaction, we would not like to disclose the amount of discount. <…> . This is why in this situation I’m ready to tell you that in terms of post-tax net profit, there will be 16 bln rubles worth of extraordinary profit from this deal in June," he said.

Pianov said earlier that VTB planned to close the deal on sale of part of its blocked assets to an external legal entity in June. The bank estimated the volume of its assets frozen due to sanctions imposed at around 900 bln rubles ($9.7 bln), he said, adding that the lender was considering four different strategies for securing their unfreezing, including sale of part of blocked assets to a third party.

VTB was blacklisted by both the US and UK in the spring of 2022. The EU also imposed sanctions on the leading Russian lender. The restrictions stipulate that the bank’s assets be frozen and that fiscal residents of the sanctioning countries, both legal entities and individuals, be prohibited from executing any transactions involving the frozen assets.

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