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US removes former VTB subsidiary from anti-Russian sanctions — Department of Treasury

Ost-West Handelsbank, TB Bank Europe and VTB Bank Deutschland has been removed from the sanctions list

WASHINGTON, April 2. /TASS/. The United States removed the former European branch of the Russian VTB bank located in Frankfurt, Germany, from anti-Russian sanctions, the Office of Foreign Assets Control of the US Department of the Treasury said.

According to the information on the department’s website, Ost-West Handelsbank has been removed from the sanctions against Russia. In addition, the positions in which the bank was operating under its previous names - VTB Bank Europe and VTB Bank Deutschland - were also removed from the sanctions list.

It was earlier reported that German OWH SE denied VTB's rights to own the bank and demands the return of dividends since 2013 in the amount of over 433.8 mln euro by February 29, 2024. VTB noted that it regards these actions as politically motivated.

Reuters previously reported that the European branch of the Russian bank VTB, located in Frankfurt, Germany, will change its name from VTB Bank Europe to Ost-West Handeslbank (OWH SE).

After Russia launched its special military operation in Ukraine, VTB Bank Europe depositors largely withdrew their funds, and the bank came under the control of German regulators.

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Military operation in Ukraine

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