The British division of VTB Bank PJSC will file for administration, according to Bloomberg, which cited people familiar with the matter, making it the latest Russian financial form to fall prey to sanctions stemming from Moscow’s war in Ukraine.
VTB Capital will appear in a London court on Wednesday, according to a public filing, with the bank set to ask the court to order a so-called special administration – a form of insolvency that ensures minimal disruption to financial markets.
The filing by the Moscow-based bank, Russia’s second-largest lender, comes just days after its separate European unit was put up for sale and also follows a move by a London judge to order the UK arm of Sberbank of Russia PJSC be wound down.
As Russia’s invasion of neighbouring Ukraine heading into its second month, the US and its allies were said to be in the process of coordinating yet another round of fresh sanctions against Moscow – including a bar on all new investments in Russia in an attempt to make the Kremlin suffer for the alleged murders of civilians by its military.
