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VTB to transfer assets, liabilities worth up to $1.7 bln to special legal entity

Federal Law No. 292 allows Russian banks to carve out a separate entity that will absorb assets blocked as a result of sanctions, by the end of 2024

MOSCOW, October 16. /TASS/. VTB plans to transfer assets and liabilities related to unfriendly creditors totally worth up to 170 bln rubles ($1.7 bln) to a special legal entity by the end of this year, First Deputy Chairman of the Management Board Dmitry Pianov told reporters via the bank’s press service.

On October 16, VTB shareholders approved the reorganization of the bank in an extraordinary meeting, which includes the establishment of a separate legal entity. This entity will take over blocked assets and liabilities related to unfriendly creditors.

"By the end of the year, we plan to transfer assets and liabilities totaling up to 170 billion rubles to the newly created entity. This will allow us to manage these assets and liabilities more effectively and will help improve VTB's balance sheet structure and financial indicators for the year 2024," Pianov said.

Federal Law No. 292 allows Russian banks to carve out a separate entity that will absorb assets blocked as a result of sanctions, by the end of 2024.

VTB was blacklisted by both the US and UK in the spring of 2022. The EU also imposed sanctions on Russia’s second-largest 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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