VTB Bank

File:VTB logo.gif

VTB Bank was founded as Vneshtorgbank in 1990 with the support of the Russian State Bank and the Ministry of Finance. It was set up as a limited liability company with the aim of servicing Russia's foreign trade operations and promoting Russia's integration into the global economy.{{cite web|url=http://tadviser.com/index.php/Company:VTB_-_Vneshtorgbank#1990:_Creation_of_Vneshtorgbank |title=VTB Vneshtorgbank |publisher=TAdviser |access-date=15 April 2019}}

In 2004, the bank acquired a majority stake of 85.8% in Guta Bank, which was reorganised into a retail bank, Vneshtorgbank 24 (VTB24).{{cite web |url=https://www.neweurope.eu/article/vtb-pays-symbolic-usd-34000-guta-bank/ |title=VTB pays symbolic USD 34,000 for Guta Bank |date=25 July 2004 |work=New Europe |access-date=15 April 2019 |archive-date=22 April 2019 |archive-url=https://web.archive.org/web/20190422064908/https://www.neweurope.eu/article/vtb-pays-symbolic-usd-34000-guta-bank/ |url-status=dead }} The bank also acquired the Armenian Armsberbank, which was later renamed VTB Armenia.{{cite web|url=https://uk.reuters.com/article/armenia-election-investments/factbox-armenias-economy-idUKANT25492920080214 |archive-url=https://web.archive.org/web/20190422063409/https://uk.reuters.com/article/armenia-election-investments/factbox-armenias-economy-idUKANT25492920080214 |url-status=dead |archive-date=22 April 2019 |title=FACTBOX-Armenia's economy |date=15 February 2008 |publisher=Reuters|access-date=15 April 2019}} In 2005, the bank acquired 75% plus three shares of the Promstroybank (PSB), which was reorganised as Bank VTB North-West and later became VTB's North-Western Regional Centre,{{Cite web|url=https://www.rbc.ru/spb_sz/freenews/5592c2c19a79473b7f4bd441|title=В Промышленно-строительном банке назначены два новых заместителя председателя правления.|website=РБК|date=17 March 2006 }} and bought the Ukrainian bank Mriya, which was later merged with VTB Bank (Ukraine).{{citation needed|date=November 2020}}

In 2007, the bank set up a subsidiary in Angola known as VTB África.{{cite web|url=https://macauhub.com.mo/2007/02/26/2594/ |title=VTB África Bank starts operating in Angola in March |date=26 February 2007 |publisher=Macau Hub |access-date=16 April 2019}} The bank also took over Slavneftebank in Belarus and later renamed it VTB Belarus.{{citation|url=|title=VTB buys control of Slavneftebank for $25.4 mln }} In June, VTB became the first Russian bank to offer an initial public offering (IPO), raising $8 billion in what became the largest international banking IPO at the time.{{cite web|url=https://www.euromoney.com/article/b13222cnkc8y08/russia-vtb-puts-on-a-good-show-with-$8-billion-ipo |title=Russia: VTB puts on a good show with $8 billion IPO |date=4 June 2007 |first=Guy |last=Norton |work=Euromoney |access-date=16 April 2019}}

In 2008, the bank acquired a 51% stake in AF Bank in Azerbaijan from AF Holding International, later renaming it VTB Azerbaijan.{{cite web|url=https://www.banki.ru/news/engnews/?id=750213 |title=VTB buys controlling interest in Azerbaijani AF-Bank |date=9 December 2008 |website=Banki.ru |access-date=16 April 2019}} In 2010, the bank's board approved the phased acquisition of TransCreditBank from Russian Railways.{{Cite web |title=Russian Railways CEO Yakunin: Russian Railways prepared to sell VTB Bank controlling stake in Transcreditbank |url=https://www.banki.ru/news/engnews/?id=2287571 |access-date=2023-02-15 |website=Banki.ru |language=en}} In 2013, VTB carried out a secondary public offering (SPO) which raised 102.5 billion rubles ($3.3 billion) and diluted the Russian government's share in VTB from 75.5 percent to 60.9 percent.{{cite web|url=http://www.themoscowtimes.com/business/article/vtb-completes-new-offering-that-reduces-state-stake-by-15/480424.html |title=VTB Completes New Offering That Reduces State Stake By 15% |date=24 May 2013 |work=The Moscow Times }} In 2022, VTB Bank extended a 630 billion ruble ($11.06 billion) credit line to be used for the purchase, repair and modernisation of the country's railway infrastructure.{{Cite web |title=Russian Railways secures 630 bln rouble credit line from VTB - bank CEO |url=https://finance.yahoo.com/news/russian-railways-secures-630-bln-065347560.html |access-date=2023-02-15 |website=Yahoo|date=16 June 2022 |language=en-US}}

In 2011, VTB invested more than $191 million for shares in the Isle of Man company DST Investment 3{{cite news | last1 = Swaine | first1 = Jon | last2 = Harding | first2 = Luke | title = Guardian Paradise Papers: Russia funded Facebook and Twitter investments through Kushner investor, Institutions with close links to Kremlin financed stakes through investor in Trump son-in-law's venture, leaked files reveal | url = https://www.theguardian.com/news/2017/nov/05/russia-funded-facebook-twitter-investments-kushner-investor | newspaper = The Guardian | location = Manchester, England | date = 5 November 2017 | access-date = 10 February 2018}} which was roughly than half of the funds in Yuri Milner's DST Global.{{cite news|last=Drucker|first=Jesse|date=5 November 2017|title=Kremlin Cash Behind Billionaire's Twitter and Facebook Investments: Leaked files show that a state-controlled bank in Moscow helped to fuel Yuri Milner's ascent in Silicon Valley, where the Russia investigation has put tech companies under scrutiny|newspaper=The New York Times|url=https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html|access-date=7 February 2018}} This led to Milner's large stake in Twitter. Kanton had almost no investment in Twitter. DST Investment 3 also issued shares to Alisher Usmanov's Kanton that were used to support the Kremlin's investment in Facebook.

In November 2012 some bankers expressed concern about VTB's offer to raise capital for the Basel III requirements, which were addressed by selling $1 billion of perpetual Tier 1 bonds.{{cite news |url=https://www.globalcapital.com/article/28mss1vykxr2fjga5yp35/fig/vtb-prices-1-25bn-t1-tap-soothes-worries-about-basel-iii |title=VTB prices $1.25bn T1 tap, soothes worries about Basel III |date=2 November 2012 }} As of April 2025 the $551 million worth of bonds have a call date of 6 June 2025.{{cite news |url=https://cbonds.com/bonds/29977/ |title=International bonds: VTB Bank (PAO), 9.5% perp., USD (XS0810596832, VTB Eur) }}

On 7 May 2014, VTB transferred most of its DST Investment 3 to Kanton.{{cite news | last = Woodman | first = Spencer | title = Russian Connections: Kremlin-owned Firms Linked to Major Investments in Twitter and Facebook, The Russian government quietly held a financial interest in U.S. social media | url = https://www.icij.org/investigations/paradise-papers/kremlin-owned-firms-linked-major-twitter-facebook-investments-icij/ | work = International Consortium of Investigative Journalists | date = 5 November 2017 | access-date = 10 February 2018}}

In 2014, before Russo-Ukrainian War, VTB Bank was one of the biggest banks of Ukraine. VTB Ukraine went bankrupt in 2018.{{in lang|uk}} [https://www.epravda.com.ua/news/2018/11/27/643049/ Ukrainian "daughter" of Russian "VTB Bank" - bankrupt], Economical Pravda (27 November 2018)

Since 2014, the bank has been subject to political sanctions (see separate section below).

In 2017 VTB said that implementing Basel III capital requirements would cost it $233 million a year. At the time, the Russian central bank was "gradually adopting" Basel III for its domestic banking system.{{cite news |url=https://www.reuters.com/article/markets/russia-s-vtb-says-basel-iii-to-cost-it-14-bln-roubles-a-year-idUSL8N1K43YD/}}

In August 2018, it was announced that VTB Bank would acquire a 75% stake in Vozrozhdenie Bank after its previous owners oversaw a "major banking collapse".{{cite web|url=https://www.ft.com/content/0af7f5e8-9fcc-11e8-85da-eeb7a9ce36e4 |title=VTB to buy rival Russian bank Vozrozhdenie |date=14 August 2018 |first=Max |last=Seddon |work=Financial Times |access-date=16 April 2019}}

In September 2018, Kostin asked the Russian central bank to "revise" the Basel III capital requirements, which by 2019 for his bank would amount to over $6 billion in regulatory expenses.{{cite news |url=https://www.reuters.com/article/markets/europe/russias-vtb-asked-cbank-govt-to-revise-basel-iii-requirements-for-banks-ceo-idUSR4N1VM02A/}}

In November 2018, the National Bank of Ukraine declared the Ukrainian subsidiary of VTB Bank insolvent due to its declining liquidity and worsening financial position.{{cite web|url=https://www.reuters.com/article/idUSL8N1Y25KL |title=Ukraine central bank declares Russian VTB subsidiary insolvent |date=27 November 2018 |publisher=Reuters}}

In December 2018, it was announced that VTB Bank would be acquiring controlling stakes in Sarovbusinessbank (81.1%) and Zapsibcombank (71.8%).{{cite web|url=https://finance.rambler.ru/markets/41487286-vtb-pokupaet-sarovbiznesbank-i-zapsibkombank/ |title=ВТБ покупает "Саровбизнесбанк" и "Запсибкомбанк" |language=ru |date=26 December 2018 |website=Rambler|access-date=16 April 2019}}

In March 2022 VTB, along with other Russian lenders, was delisted from the SWIFT transaction system, as punishment for the Russian invasion of Ukraine.

In May 2022 soon after the Russian invasion of Ukraine and consequent blowback, Kostin looked forward to $52 billion in reduced cost if the Russian authorities relaxed the rules surrounding Basel III but Nabiullina demurred, while she acknowledged that some banks may require a capital injection as a result.{{cite news |url=https://www.brecorder.com/news/40175814/vtb-says-russian-banks-could-get-52bn-boost-if-country-ditches-basel-rules |title=VTB says Russian banks could get $52bn boost if country ditches Basel rules |date=26 May 2022 }}

In March 2023 VTB detailed a $4.7 billion takeover of Otkritie Bank. At the time, VTB was Russia's second biggest bank. The Russian Central Bank in 2017 had bought the private lender to avoid its crash and was the alienator in this transaction. Otkritie was believed to have approximately 500 retail banking locations throughout Russia.{{cite news |url=https://www.financierworldwide.com/vtbs-47bn-deal-for-otkritie-bank |title=VTB's $4.7bn deal for Otkritie Bank }}

In October 2024, Pyanov was forced to deny plans to buy back shares from unfriendly non-residents, as that would impact VTB's Tier 1 capital ratio, necessary to be maintained under Basel III rules.{{cite news |url=https://interfax.com/newsroom/top-stories/106473/ |title=VTB not planning share buyback from 'unfriendly' non-residents, as any buyback reduces capital - Pyanov }}

In early December 2024, VTB said that the savings rate of their private individual clients had reached an all-time low.{{cite news |url=https://www.themoscowtimes.com/2024/12/04/russians-cash-savings-reach-all-time-low-vtb-a87227 |title=Russians' Cash Savings Reach All-Time Low – VTB |date=4 December 2024 }}

In December 2024, VTB said it would hit a record profit of $5.5 billion for the year. Corporate lending was unaffected by the 21% prime rate because "loans to important sectors, such as the military-industrial complex, are still subsidised by the state, resulting in lower actual rates for some borrowers." The retail client was "taking advantage of short-term deposit interest rates reaching 26 per cent."{{cite news |url=https://www.business-standard.com/world-news/russia-s-vtb-says-on-track-for-record-profit-of-5-5-billion-in-2024-124122600540_1.html}}

In January 2025 VTB announced that it would start up a branch in Iran.{{cite news |url=https://caspiannews.com/news-detail/russian-state-owned-vtb-bank-to-open-branch-in-iran-2025-1-24-0/ |title=Russian State-Owned VTB Bank to Open Branch in Iran }}

On 16 April 2025 VTB Bank announced it had absorbed RNKB, which focuses its operations in Occupied Crimea. RNKB had 2 million clients at that date.{{cite news |url=https://www.akm.ru/eng/news/vtb-shareholders-have-decided-to-reorganize-vtb-bank-by-joining-rnkb/ |title=VTB shareholders have decided to reorganize VTB Bank by joining RNKB }}

On 18 April 2025 owing to a change in strategy VTB Bank called off its acquisition of Zvezda Shipbuilding Complex and said it would divest itself of United Shipbuilding Corporation. VTB would no longer be invested in reviving failed industrial concerns. Kostin cited guidance from the Russian Central Bank.{{cite news |url=https://www.msn.com/en-us/money/companies/russian-state-vtb-bank-to-divest-non-core-assets/ar-AA1D8z9K}}

VTB Bank took over 15 banks between 2002 and February 2019:

• Guta Bank (2004), later renamed VTB24
• Bank of Moscow
• TransCreditBank
• Armsberbank in Armenia (2004), later renamed VTB Armenia{{cite web|url=http://new.vtb.com/we/press-center/releases/21813/|title=VTB becomes the sole owner of 100% stake in CJSC VTB Bank (Armenia)}}
• Promstroybank (2005), renamed Bank VTB North-West and later reorganised as VTB's North-Western Regional Centre{{cite web|url=http://new.vtb.com/we/press-center/releases/21595/|title=Vneshtorgbank owns controlling interest in Promstroybank}}
• Eurobank in Paris, France (2005), later renamed VTB France{{cite web|url=http://en.vtb.fr/about/news/index.php?ELEMENT_ID=51365|title=VTB – VTB became the main shareholder of BCEN-EUROBANK|publisher=VTB}}
• Evrofinance Mosnarbank in London, Great Britain (2005), which is associated with Moscow Narodny Bank Limited, and later renamed VTB Europe Plc, and then VTB Capital Plc
• Ost-West Handelsbank AG in Germany (2005), later renamed VTB Germany{{cite web|url=http://www.kommersant.com/page.asp?id=606924|title=VTB to Buy Out Foreign Banks for the Budget Account |publisher=Kommersant}}
• United Georgian Bank (2005), later renamed VTB Georgia{{cite web|url=https://en.vtb.ge/about/history/2005/index.php?register=yes&ssl=|title=VTB in 2005}}
• Mriya in Ukraine (2006), later merged with VTB Ukraine{{cn|date=March 2023}}
• Slavneftebank in Belarus (2007), later renamed VTB Belarus{{citation|url=|title=vtb buys control slavneftebank 254 mln}}
• AF Bank in Azerbaijan from AF Holding International (2008), later VTB Azerbaijan{{cite web|url=http://new.vtb.com/we/press-center/releases/21922/|title=VTB holds a controlling interest in AF Bank, Azerbaijan}}
• Post Bank (Russia) (2018){{cite news |url=https://interfax.com/newsroom/top-stories/108123/ |title=VTB receives Central Bank and Federal Antimonopoly Service's permission to acquire Russian Post's stake in Pochta Bank }}
• Vozrozhdenie (2018)
• Zapsibkombank (2018)
• SarovBusinessBank (2018).

File:Инкассация.JPG

On 24 July 2015, an agreement, approved by Dmitry Medvedev, was signed between the bank president, director of Russian Post, Dmitry Strashnov, and Minister of Communications and Mass Media, Nikolai Nikiforov, on the Russian Post purchase of 50 percent minus 1 share of Leto Bank (Summer Bank) from VTB24, with the purpose of reorganising it into the National Post Bank. The remaining 50 percent plus one share will be owned by VTB24 of VTB Bank. VTB CEO Kostin suggested appointing Dmitry Rudenko, the current head of Leto Bank, as the head of Post Bank (Russia).

On 28 January 2016, sets of documents were signed between VTB24 and Russian Post on establishing the Post Bank. Russian Post purchased 50 percent minus one share of the newly established Post Bank through its 100 percent subsidiary. The remaining 50 percent plus one share is owned by VTB24 of VTB Bank. Dmitry Rudenko, the head of Leto Bank of VTB24, became the head of Post Bank (Russia).{{cite news | title = В России создан "Почта Банк": "Почта России" и ВТБ24 подписали пакет документов о создании "Почта Банка". В церемонии приняли участие генеральный директор "Почты России" Дмитрий Страшнов и президент – председатель правления ВТБ24 Михаил Задорнов| url = https://www.pochtabank.ru/news/272362 | work = Post Bank website | language = ru | trans-title = "Post Bank" was created in Russia: "Post of Russia" and VTB24 signed a package of documents on the establishment of "Post Bank." The ceremony was attended by General Director of Post of Russia Dmitry Strashnov and President and Chairman of the Board of VTB24 Mikhail Zadornov| date = 28 January 2016 | access-date = 12 February 2018}}{{cite news | title = В России создан Почта Банк | url = https://www.vtb24.ru/news/details/#41066 | work = VTB24 | language = ru | trans-title = In Russia established Post Bank | date = 27 January 2016 | access-date = 12 February 2018}}{{cite web | title = Banks: Company Overview of PJSC Post Bank | url = https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=302910503 | work = Bloomberg | date = | access-date = 12 February 2018}}

On 28 December 2017, VTB24 sells two shares to Dmitry Rudenko, the Chairman of the Board of Post Bank. VTB 24 and Russia Post have equal shares in Post Bank: each have 50 percent minus one share.{{cite news | title = ВТБ и "Почта России" стали паритетными владельцами Почта-банка | url = https://rns.online/finance/VTB-i-Pochta-Rossii-stali-paritetnimi-vladeltsami-Pochta-banka-2017-12-29/ | work = RNS.online | language = Russian | trans-title = VTB and "Russia Post" became parity owners of Post Bank | date = 29 December 2017 | access-date = 12 February 2018}} VTB24 has 1,062 branches.{{cite web | title = VTB 24: About | url = https://www.vtb24.ru/about | work = VTB 24 website}}

On 1 January 2018, VTB acquired VTB24. The integrated network has 1,350 branches.{{cite news | title = Banks: Company Overview of Bank VTB 24 Public Joint-Stock Company | url = https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=22746678 | work = Bloomberg | date = | access-date = 12 February 2018}}{{cite news | title = ВТБ завершил присоединение ВТБ24 | url = https://www.vtb24.ru/news/details/#48260 | work = VTB website | language = Russian | trans-title = VTB completed the merger of VTB24 | date = 8 January 2018 | access-date = 12 February 2018}}

{{See also|Russian financial crisis (2014–2016)}}

On 29 July 2014, the Office of Foreign Assets Control (OFAC) published that the Bank of Moscow and VTB Bank OJSC, the second-largest bank in Russia, has been added to the Sectoral Sanctions Identifications List.

On 31 July 2014, VTB Bank and its subsidiaries was added to the European Union sanctions list due to its role in the annexation of Crimea by the Russian Federation that same year{{cite web|url=https://eur-lex.europa.eu/eli/reg/2014/833/oj|title=COUNCIL REGULATION (EU) No 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine |work=Council of the European Union |date=2014-07-31 |publisher= |access-date=2018-02-10}} and the United Kingdom list from 1 August.{{cite web |title=CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK |url=https://assets.publishing.service.gov.uk/media/624d9921d3bf7f6010c0ecd1/InvBan.pdf |date=6 April 2022}}

On 6 August 2014, VTB was added to the Canadian sanctions list due to its role in the Russo-Ukrainian War and the downing of Malaysia Airlines Flight 17.{{cite web |url=https://gazette.gc.ca/rp-pr/p2/2014/2014-08-27/html/sor-dors195-eng.html |title=Sanctions List SOR/2014-195 |publisher=Canada Gazette |date=2014-08-06 |accessdate=2018-03-07}}

On 13 August 2014, the United States clarifies entities under sectoral sanctions. United States increased its sectoral sanctions on VTB Bank together with its subsidiaries (“the VTB Group”) and the Bank of Moscow through its parent bank, VTB Bank OAO, and other entities that VTB has 50 percent or greater ownership either individually or in the aggregate, either directly or indirectly. Also, US persons cannot use a third-party intermediary, and they must use caution during "transactions with a non-blocked entity in which one or more blocked persons has a significant ownership interest that is less than 50 percent or which one or more blocked persons may control by means other than a majority ownership interest".{{cite web | title = Revised Guidance on Entities Owned by Persons Whose Property and Interests in Property Are Blocked | url = https://www.treasury.gov/resource-center/sanctions/Documents/licensing_guidance.pdf | publisher = United States Department of Treasury | date = 13 August 2014 | access-date = 22 March 2018}}

On 1 September 2014, VTB was added to the Australian autonomous sanctions list for Russia, Crimea, and Sevastopol.{{cite web | title = Sanctions Regime: Russia | url = https://dfat.gov.au/international-relations/security/sanctions/sanctions-regimes/Pages/russia.aspx | publisher = Australian Government Department of Foreign Affairs and Trade | date = 1 September 2014 | access-date = 21 March 2018}}{{cite web | title = Australia and sanctions: Autonomous Sanctions (Russia, Crimea and Sevastopol) Specification 2014 | url = https://dfat.gov.au/international-relations/security/sanctions/Pages/autonomous-sanctions-russia-crimea-and-sevastopol-specification-2014.aspx | publisher = Australian Government Department of Foreign Affairs and Trade | date = 1 September 2014 | access-date = 21 March 2018}}{{cite web | title = Australia and sanctions: About sanctions | url = https://dfat.gov.au/international-relations/security/sanctions/Pages/about-sanctions.aspx | publisher = Australian Government Department of Foreign Affairs and Trade | access-date = 21 March 2018}}

On 12 September 2014, the United States issues a consolidated listing of directives associated with Executive Order 13662 sanctions during the Russo-Ukrainian war. For the Russian financial sector, Directive 1 was amended to increase the financial sanctions on the Russian financial sector for "all transactions in, provision of financing for, and other dealings" in new equity or new debt issued on or after 12 September 2014 to longer than 30 days maturity. New equity or new debt issued from 29 July 2018 until 12 September 2018 was sanctioned if longer than 90 days maturity.{{cite web|url=https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#ukraine|title=Ukraine-/Russia-related Sanctions: Sectoral Sanctions under Executive Order 13662, CAATSA|publisher=OFAC|access-date=24 March 2018|number=EO 13662: 370-5, 550, 391-6, 404-21, 536-8, 453-4; CAATSA: 539-46, 552}}{{cite web | title = Ukraine-related Sanctions | url = https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140912.aspx | publisher = United States Department of Treasury | date = 12 September 2014 | access-date = 22 March 2018}}{{cite web | title = Ukraine-/Russia-related Sanctions; Sectoral Sanctions Identifications (SSI) List: EO 13662 Directives | url = https://www.treasury.gov/resource-center/sanctions/Programs/Pages/ukraine.aspx#directives | publisher = United States Department of Treasury | access-date = 24 March 2018}}{{cite web | title = Directive 1 (as amended) under Executive Order 13662 | url = https://www.treasury.gov/resource-center/sanctions/Programs/Documents/eo13662_directive1.pdf | publisher = OFAC | date = 12 September 2014 | access-date = 24 March 2018}}

In 2015, the banks' chief Executive Andrei Kostin predicted loses for the bank in the years to come because of the plunging ruble accelerated by international sanctions.{{Cite news|last=White|first=Alexander Kolyandr and Gregory L.|date=2015-01-22|title=Russia's VTB Hurt by Sanctions, Interest Rates|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/articles/russias-vtb-hurt-by-sanctions-interest-rates-1421933722|access-date=2022-02-18|issn=0099-9660}}

On 15 March 2017, Ukraine imposed sanctions against VTB Bank and subsidiaries because of the ongoing Russian interference in Ukraine.{{cite news | last = Пороше́нко | first = Петро́ Олексі́йович | author-link = Petro Poroshenko | title = УКАЗ ПРЕЗИДЕНТА УКРАЇНИ №63/2017: Про рішення Ради національної безпеки і оборони України від 15 березня 2017 року "Про застосування персональних спеціальних економічних та інших обмежувальних заходів (санкцій)" | url = http://www.president.gov.ua/documents/632017-21474 | work = President of Ukraine website | language = Ukrainian | trans-title = DECREE OF THE PRESIDENT OF UKRAINE No. 63/2017: On the decision of the Council of National Security and Defense of Ukraine dated March 15, 2017 "On the Application of Personal Special Economic and Other Restrictive Measures (Sanctions)" | date = 15 March 2017 | access-date = 28 February 2018}}{{cite web | last = Пороше́нко | first = Петро́ Олексі́йович | author-link = Petro Poroshenko | title = Глава держави затвердив санкції щодо низки російських банків | url = http://www.president.gov.ua/news/glava-derzhavi-zatverdiv-sankciyi-shodo-nizki-rosijskih-bank-40418 | work = President of Ukraine website | language = Ukrainian | trans-title = The head of state has approved sanctions against a number of Russian banks | date = 16 March 2017 | access-date = 28 February 2018}}

On 28 November 2017, the United States increases the Executive Order 13662 sanctions to the Russian financial sector. For the Russian financial sector, Directive 1 was amended to increase the financial sanctions on the Russian financial sector for "all transactions in, provision of financing for, and other dealings" in new equity or new debt issued on or after 28 November 2017 to longer than 14 days maturity. New equity or new debt issued from 12 September 2014 until 28 November 2017 was sanctioned if longer than 30 days maturity.{{cite web | title = Directive 1 (as amended) under Executive Order 13662 | url = https://www.treasury.gov/resource-center/sanctions/Programs/Documents/eo13662_directive1_20170929.pdf | publisher = OFAC | date = 29 September 2017 | access-date = 24 March 2018}}

On 27 November 2018, the National Bank of Ukraine declares the Ukrainian subsidiary of VTB Bank insolvent due to its declining liquidity and worsening financial position.[https://www.reuters.com/article/idUSL8N1Y25KL Ukraine central bank declares Russian VTB subsidiary insolvent], Reuters (27 November 2018)

On 25 June 2020 European Court of Justice rejected VTB and Sberbank bank's 2014 lawsuit against EU sectoral sanctions citing that regulators were within their aims of "imposing a cost on the Russian government" because of the latter's actions in Ukraine.{{Cite web|title=European court rejects VTB's challenge to the EU's sectoral sanctions on Russia |url=https://www.brickcourt.co.uk/news/detail/european-court-rejects-vtbs-challenge-to-the-eus-sectoral-sanctions-on-russia|access-date=2022-02-18|website=Brick Court Chambers|language=en}}{{Cite web|last=|first=|date=2014-10-28|title=Russian banks challenge EU sanctions|url=https://www.gtreview.com/news/europe/russian-banks-challenge-eu-sanctions/|access-date=2022-02-18|website=Global Trade Review|language=en}}{{Cite web|title=Суд ЕС отклонил апелляцию ВТБ против санкций|url=https://www.vedomosti.ru/finance/news/2020/06/25/833372-sud-es-otklonil-apellyatsiyu-vtb|access-date=2022-02-18|website=Vedomosti|language=ru}}{{Cite web|title=CURIA - Documents|url=https://curia.europa.eu/juris/document/document.jsf?text=&docid=227736&pageIndex=0&doclang=en&mode=lst&dir=&occ=first&part=1&cid=6739836&fbclid=IwAR338oag4XlFbULVAR_6xjZ5puSalTDmlVWLpJbZ8z_INb5sRSAEpx5RnnA|access-date=2022-02-18|website=InfoCuria}}{{Rp|location=46}} The court specified that ambiguity in some language versions of the regulation (that the bank argued were wrongly applied) doesn't prevent the court interpeting that section in a way best suited to the general purpose of the legislation, and precedent.

In February 2022, amid the Russo–Ukrainian crisis, US and EU officials were reportedly finalizing an extensive package of sanctions on VTB bank and other related Russian entities.{{Cite news|last=Shalal|first=Andrea|date=2022-02-11|title=SWIFT off Russia sanctions list, state banks likely target -U.S., EU officials|language=en|work=Reuters|url=https://www.reuters.com/world/europe/swift-off-russia-sanctions-list-state-banks-likely-target-us-eu-officials-2022-02-11/|access-date=2022-02-18}} On 24 February, after Russia launched a full-scale invasion of Ukraine, US president Joe Biden and British prime minister Boris Johnson announced new sanctions against VTB bank and its directors, along with other Russian individuals and companies.{{cite web |url=https://www.reuters.com/markets/europe/how-western-sanctions-will-target-russia-2022-02-24/|title=Explainer: How Western sanctions target Russia|website=Reuters|date=25 February 2022}}

In February 2011, the government floated an additional 10% minus two shares of VTB Bank. The private investors, who paid a total of 95.7 billion rubles ($3.1 billion) for the assets, included the investment funds Generali, TPG Capital, China Investment Corp, a sovereign wealth fund responsible for managing China's foreign exchange reserves, and companies affiliated with businessman Suleyman Kerimov.[https://web.archive.org/web/20110301172142/http://www.telegraph.co.uk/sponsored/russianow/business/8345564/VTB-bank-sale-launches-privatisation-drive-in-Russia.html "VTB bank sale launches privatisation drive in Russia"], The Telegraph

In May 2013 VTB completed a secondary public offering (SPO), issuing 2.5 trillion new additional shares by public subscription. All shares were placed on Moscow's primary stock exchange. The government did not participate in the SPO, so its stake in the bank decreased to 60.9% after the subscription closed. The bank raised 102.5 billion rubles worth of additional capital. Three sovereign wealth funds, Norway's Norges Bank Investment Management, Qatar Holding LLC and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and commercial bank China Construction Bank became the largest investors during the SPO, after purchasing more than half of the additional shares issued.

In 2017, the main shareholder of VTB was the Russian government, which owned 60.9% of the lender through its Federal Agency for State Property Management. The remaining shares were split between holders of its Global Depository Receipts and minority shareholders, both individuals and companies.

As of February 2022, the bank reported that its stock shares were distributed in the following way:

• 12.13% of (capital) shares – Federal Agency for State Property Management (Russia)
• 32.88% of (capital) shares – Ministry of Finance (Russia)
• 47.22% of (capital) shares – Deposit Insurance Agency of Russia

As of April 2022, its Management Committee (referred as VTB Bank Management Board or VTB MB) includes:

• Andrey Kostin – Chief executive of the Bank (since 10 June 2002), President and Chairman of VTB Bank Management Board, Member of the Supervisory Council,
• Andrey Puchkov (First Deputy President and Chairman of VTB MB)
• Denis Alexandrovich Bortnikov (Deputy President and Chairman of VTB MB), son of Alexander Bortnikov, director of the Federal Security Service
• Olga Dergunova (Deputy President and Chairman of VTB MB)
• Valery Lukyanenko (Deputy President and Chairman of VTB MB)
• Anatoly Pechatnikov (Deputy President and Chairman of VTB MB)
• Maxim Kondratenko (Member of VTB MB)
• Erkin Norov (Member of VTB MB)
• Dmitriy Pianov (Member of VTB MB)

{{As of|April 2022}}, VTB's Supervisory Council consists of Anton Siluanov (Chairman of the Supervisory Council), Matthias Warnig (member of the Supervisory Council),[8] Sergey Dubinin (member of supervisory council), Mikhail Zadornov (Member of Supervisory Council), Andrey Kostin (President and Chairman of VTB Bank Management Board), Shahmar Movsumov (Independent member of supervisory council), Igor Repin (Independent member of Supervisory Council), Alexander Sokolov (Member of Supervisory Council), Vladimir Chistyukhin (member of supervisory council), Mukhadin Eskindarov (Member of Supervisory Council).{{cite web | title = Supervisory council | url = https://www.vtb.com/o-banke/bank-vtb/nablyudatelnyj-sovet/ | publisher = VTB | access-date = 14 February 2019}}

{{Update section|date=January 2025}}

Consolidated Statement of Financial Position as at 31 December 2021: net interest income – 646,3 RUB billion, net fee and commission income – 90,0 RUB billion, operating income before provisions – 822,7 RUB billion, staff costs and administrative expenses – -308,8 RUB billion, net profit – 327,4 RUB billion.{{Cite web | title = Раскрытие финансовых результатов по МСФО | url = https://www.vtb.ru/ir/statements/results/ | access-date = 2022-04-19 | language = ru | website = VTB}}

The 2022 results showed a loss of 612.6 billion rubles ($7.7 billion), mainly due to sanctions.{{cite web |title=Major Russian Bank VTB Reports $7.7 Billion Loss Due To Sanctions |work=Radio Free Europe/Radio Liberty |url=https://www.rferl.org/a/russia-vtb-bank-7-7-billion-loss-ukraine-sanctions/32350445.html |date=5 April 2023}}

Previously 100% owned VTB Capital (New-York, US etc.) was sold in September 2018{{Cite web|last= |first=|title=ВТБ продал свою "дочку" в США ее руководству |url=https://www.dw.com/ru/%D0%B2%D1%82%D0%B1-%D0%BF%D1%80%D0%BE%D0%B4%D0%B0%D0%BB-%D1%81%D0%B2%D0%BE%D1%8E-%D0%B4%D0%BE%D1%87%D0%BA%D1%83-%D0%B2-%D1%81%D1%88%D0%B0-%D0%B5%D0%B5-%D1%80%D1%83%D0%BA%D0%BE%D0%B2%D0%BE%D0%B4%D1%81%D1%82%D0%B2%D1%83/a-45337428|access-date=2022-02-18|website=Deutsche Welle|language=ru}}

VTB's major subsidiaries as of April 2022 were:

File:VTB Bank Armenia, Yerevan, 16.07.2017 (1).jpg]]

VTB is one of the sponsors of all Dinamo Moscow sport clubs.{{Cite news | title = ВТБ отдал пакет акций футбольного клуба "Динамо" после санкций | url = https://sportrbc.ru/news/6217cc639a794749b2c952ea | language = ru | website = RBC| date = 2022-02-24 }}

Since 2017, VTB Bank has been the title partner of the Russian Formula 1 stage in Sochi – Formula 1 VTB Russian Grand Prix.

Since 2016, VTB has been the tennis tournament VTB Kremlin Cup.

VTB has also been the title sponsor of the VTB United League since 2008.

Since 2005, VTB Bank has been the general sponsor of the Kamaz Master team, a team which has been active in re-known rally raid such as Dakar Rally, Silk Way Rally and Africa Eco Race.{{cite web | url=https://vtbrussia.ru/sport/auto/ | title=КАМАЗ-Мастер: ралли Париж-Дакар, Шелковый путь - новости раллийной команды КАМАЗ-Мастер на официальном сайте ВТБ России }}

Since 2013, VTB Group has been supporting the Velobike, a bicycle-sharing system in Moscow, a project by the Department for Transport and Development of Road Infrastructure of the city. In 2018, the number of trips exceeded 3 million.

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• Timeline of Russian interference in the 2016 United States elections
• Timeline of investigations into Trump and Russia (July–December 2017)
• East-West United Bank

{{reflist}}

{{commonscatinline}}

• {{Official|https://www.vtb.com}} VTB corporate site
• [https://www.vtb.ru Russian website]
• [https://www.vtb.am VTB Armenia]
• [https://www.geofit-travel.com/ru/index.php?newsid=605 List of Georgian Banks]

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