YEREVAN, August 1, /ARKA/ VTB, one of the largest Russian banks which were hit by fresh Western sanctions over Russia’s policy on Ukraine, has strongly disapproved the decision of European authorities to limit the Group’s access to capital markets in a statement posted on its official website.

“Such actions contradict Europe’s democratic values, showing they have gone against their own interests to do the bidding of their senior colleagues from across the ocean,” it said.

“These decisions are incompatible with the core principles and values of the free market, and discriminate against VTB as well as international investors. European authorities have de facto granted themselves the right to decide for investors where they may invest their own funds.”

‘Despite the sanctions that have been imposed, VTB Bank and all its subsidiaries continue to operate as usual, honoring all obligations to investors and shareholders, while upholding our commitment to providing high quality service to our clients.’

‘Any future capital markets transactions will be subject to the Group’s funding needs, as well as market opportunities and conditions.’

VTB Group is a global provider of financial services. The Group’s companies offer a complete range of financial services including retail, corporate and investment banking; broking and other stock-market services; insurance; asset management for pension and unit funds; leasing; and more.
VTB Group operates large international network, offering a comprehensive range of services to clients in more than 20 countries across the CIS, Europe, Asia and Africa.

Together, VTB Bank and its subsidiaries (more than 50% owned) are known as VTB Group. The Group’s structure can be seen below. The Russian government owns 60.9% of VTB Bank’s equity. -0-