Back to all news

Update: Statement on behalf of VTB Bank (Europe) SE

 

Apr 12, 2022

Dear customers, colleagues and partners,

VTB Bank (Europe) SE, established as Societas Europaea and domiciled in Frankfurt am Main, is subject to EU laws and related banking supervision by the German Banking Supervisory Authority (“BaFin”). As of now, it is not subject to any European Union sanctions and remains a full member of SWIFT.

Strict compliance with all legal and regulatory requirements is at the heart of everything we do, and this helps to safeguard the interests of our customers. Accordingly, we are in close consultation with our regulator, BaFin, and are assessing the impact of the measures taken by the European Union, the United Kingdom and the United States, as well as national and supra-national organisations and authorities, in response to the situation in Ukraine.

We are making every effort to understand the situation and develop solutions for all our stakeholders. Please be assured that the economic situation of VTB Bank (Europe) SE remains stable and the bank is fully operational from a liquidity and solvency perspective.

As a consequence of the sanctions dated 8 April 2022 imposed by the European Union on our shareholder PJSC VTB Bank, BaFin has issued further measures. With immediate effect, VTB Bank (Europe) SE is prohibited from following any instructions issued by its shareholder.

https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Pressemitteilung/2022/pm_2022_04_10_VTB_Bank....

The Deutsche Bundesbank has confirmed that, based on the aforementioned, PJSC VTB Bank does not control VTB Bank (Europe) SE anymore.

https://www.bundesbank.de/de/service/finanzsanktionen/aktueller-hinweis-wegen-der-listung-der-vtb-ba...

In summary it should be therefore noted that clients can dispose their deposits in accordance with the relevant contractual terms and debtors should service their loans with interest and repayments. Other counterparties (e.g. correspondent banks or service providers) of the bank may also be served accordingly and receive payments from the bank.

Thank you for your understanding and support in these difficult times!

Your VTB Bank (Europe) SE Team