UK Treasury issues 30-day license to VTB prior to curtailing activities

The Russian bank VTB, which has fallen under the UK and US sanctions, received a general license from the Financial Sanctions Enforcement Administration (OFSI) for 30 days. The license will be valid from February 25 to March 27, Report informs citing foreign media that the license will allow the bank to carry out operations before curtailing activities in the UK.

"OFSI on February 25 issued a general license that allows for a 30-day period for reducing the portfolio associated with VTB Bank," the office said in a statement published on the website of the UK Treasury.

Earlier, the UK and the USA imposed sanctions on VTB and a number of other credit institutions of the Russian Federation due to the military operation in Ukraine. In particular, the bank's assets were frozen, and it will also impose a ban on dollar transactions and transactions with American counterparties. These countries have also imposed personal sanctions on Russian President Vladimir Putin and Foreign Minister Sergei Lavrov.