Frankfurt, October 7, 2022
Only a few days after the U.S. Office of Foreign Asset Control (OFAC) granted an important license to VTB Bank (Europe) SE (VTBE) in Frankfurt, the British sanctions authority, the Office of Financial Sanctions Implementation (OFSI), also extends the license, which until then had only covered so-called "basic needs". The license is available via the link.
The licenses from the U.S. and U.K. authorities, which are now available, allow VTBE to continue to manage its portfolio and wind down the bank properly. VTBE, based in Germany, is a subsidiary of the second largest Russian bank. It holds a German banking license. VTBE was completely shielded from Russian influence by the German supervisory authority already at the beginning of the year. For this reason, it is not subject to EU sanctions against Russia.