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Bank VTB comments on US financial sanction

30 July 2014 15:03 (UTC +04:00)

According to sanctions, US citizens and companies have been prohibited to allocate loans to these banks and their daughter companies for 90 days.

Meanwhile, the EU countries have agreed new document on slapping economic sanctions against Russia. The economists say this prohibition is the first significant strike to Russian economic. The EU sanctions cover Russia’s financial, oil and defense spheres.

Bank VTB told APA that in spite of sanctions, the bank’s Azerbaijan-based representation operates all services provided in the deposit and loan agreements, including transfer of financial funds and accounts using plastic cards.

“The sanctions have not any impact on our clients. Visa and Mastercard have already stated that there will be no restriction on our cards both inside and abroad”.

Head of press service of Bank VTB (Azerbaijan) Polad Hamidov told APA-Economics that not a day has passed since this decision of the US: “EU has not passed a decision yet. Therefore, there is not detailed information about it. We know that our clients are also dissatisfied with this. This information is sufficient to prevent the dissatisfaction. Our position is still so”.

Russian VTB Bank also commented on the issue. According to bank, it regret the US decisions on restriction of bank’s capital involvement: “we think that VTB obeys all laws, including requirements of the US regulatory bodies and they are aware of it. Therefore, we assess this decision as a decision contradicting legal bases, unjust and to cause bilateral loss. VTB is represented at the international level with its financial situation. IN spite of these decisions, VTB fulfills its obligations before its shareholders and clients. This decision will not influence bank. We sure that VTB will attract funds if necessary”.

Though it was repeatedly contacted with the Central Bank of Azerbaijan, it did not comment on he issue.