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VTB Bank Confirms Account Freezes in France
18.06.2015 22:14
VTB Bank Confirms Account Freezes in France
Photo Credit: TASS News agency

VTB Bank confirms that the accounts of Russian corporations abroad were frozen in its France-based subsidiary, says the RBK media outlet.

      CEO Andrey Kostin also told journalists the funds of diplomatic mission were seized, too, but that later the restrictions were lifted.

      Russia-IC also reported that Moscow is going to appeal asset freezes in France and Belgium, according to state media.

      Earlier, Russia-IC reported that EU countries have started seizing Russia’s assets on its territory in connection with a 1.6 billion euros lawsuit filed by former shareholders of Yukos, a former Russian oil giant.

      “Belgian court bailiffs notified dozens of companies and nongovernmental organizations on June 17 that the government was freezing any Russian state assets in their possession, as well as any debts they may owe to the Russian government,” says RFE/RL.

      The move comes against the backdrop of Russia’s major economic forum taking place this week in St. Petersburg.

      It’s not certain whether the purpose of the provisional measures was to spook investors or just a coincidence.

      The St Petersburg International Economic Forum opened in Russia’s northern capital Thursday amid prospects of economic turnaround and eased stance by the West.

      SPIEF 2015 is expecting a higher turnout this year after reports that the Obama administration decided not to ban its multinationals from taking part in the event.

      According to The Financial Times, the 19th conference will feature AT Kearney, Boston Consulting Group, PwC Ernst & Young, Shell and BP as well as Europe’s giants Societe General, Total, Schlumberger, JCDecaux, Metro and Carlsberg.

      “There will be more foreign guest than last year. To date, 698 foreigners confirmed their participation versus 590 in 2014. We are expecting 383 companies to be present at the forum while last year saw only 337, said Sergey Belyakov, head of the foundation that supervises the biggest Russian economic conference. He also confirmed there will 173 CEOs versus 152 in 2014.

      Last year, the St Petersburg International Economic forum generated 269 billion roubles in deals in spite of the pressure from Washington on participants.


Author: Mikhail Vesely


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