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US sanctions not to affect VEB’s commitment to mission on Russia’s economic development

Russia’s development institution VEB and 25 its subsidiaries in Russia and third countries have been sanctioned by the US

MOSCOW, February 23. /TASS/. The sanctions being imposed by the United States will not influence VEB’s commitment to its mission on the development of the Russian economy as the corporation will continue fulfilling its obligations and use all means to protect its rights and interests available, the press service of VEB.RF said in a statement on Wednesday.

"Despite the increasing pressure, VEB will continue enhancing its financial stability and operating efficiency, properly fulfilling obligations it assumed, as well as using all means to protect its rights and legal interests available. VEB.RF always observes the legislation of countries where it implements its projects. The restrictions being imposed by the US will not affect VEB.RF’s commitment to its mission to facilitate the development of the Russian economy and the prosperity of its citizens," the statement said.

Russia’s development institution VEB and 25 its subsidiaries in Russia and third countries have been sanctioned by the US. In particular, Bank BELVEB OJSC, a bank operating in Belarus, Prominvestbank (Ukraine), as well as VEB Asia Limited, a financial company located in Hong Kong, were blacklisted. Moreover, the US’ sanctions cover PFC CSKA, whose majority shareholder is VEB. The list also includes LLC SIBUGLEMET Group, the companies VEB Capital, VEB Leasing, VEB Service, VEB Engineering, VEB Ventures, Infraveb, VEB.DV, Infrastructure Molzhaninovo, Resort Zolotoe Koltso, Russian Export Center.

Earlier, US Department of the Treasury set the deadline for completing all transactions with Russia’s VEB development corporation and its subsidiaries in Russia and third countries at March 24, 2022. Concurrently, the US permits a number of deals with VEB and its subsidiaries for serving bonds issued before March 1, 2022 by the Bank of Russia, the National Wealth Fund, and the Russian Finance Ministry, according to a license published separately.

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