Andrei Kostin, CEO of Russia’s No. 2 bank VTB blamed sanctions for the lender’s entire 2022 losses, a rare acknowledgment that Western efforts to punish Moscow over the Ukraine conflict have crippled parts of Russia’s financial sector. | Reuters
MOSCOW – Andrei Kostin, CEO of Russia’ No. 2 bank VTB on Tuesday blamed sanctions for the lender’s entire 2022 losses, a rare acknowledgement that Western efforts to punish Moscow over the Ukraine conflict have crippled parts of Russia’s financial sector.
The West blocked several major Russian banks’ access to the international SWIFT payments system soon after Moscow sent tens of thousands of troops into Ukraine on Feb. 24 last year, with dominant lenders Sberbank and VTB forced to shutter operations across much of Europe.
Kostin, in an interview with state television channel Rossiya 24, said the bank had managed to grow its retail and corporate loan portfolios, but that sanctions accounted for all the lender’s losses.
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