YEREVAN, December 23. / ARKA /. The U.S decision to substantially expand its sanctions against individuals and entities in Russia, including sectoral sanctions, will have no impact on VTB Bank (Armenia) customers, the Yerevan-based bank said today in a statement.
The US Department of the Treasury issued on Tuesday an expanded list of legal entities and individuals in Russia hit by sanctions. Among them are persons and companies that the US believes are linked to entrepreneurs Gennady Timchenko, the Rotenberg brothers, the Kalashnikov small arms maker, the Izhevsk mechanical plant and also the subsidiaries of Sberbank, VTB and the Rostec state corporation.
According to VTB Bank (Armenia) statement, its inclusion in the list of entities subject to US sectoral sanctions, does not alter the validity and scope of sanctions applied to it earlier in September 2014.
“VTB Bank (Armenia) continues to operate in the normal mode, maintaining its high level liquidity and capital. The specification of entities in the list of US sanctions does not require that VTB Bank (Armenia) take alternatives decisions as the imposed sanctions are mainly limited to attraction of funds from the United States with a maturity period of more than 30 days,” the statement said.
The bank said it raises funds within the country and has the support of its parent company – VTB Bank.
“The Bank respects its obligations to customers and informs that the expansion of US sanctions will not affect VTB Bank (Armenia) both physical and legal entities,’ it said.
VTB Bank (Armenia) is owned entirely by Russian VTB Bank. It runs 67 branches across Armenia, more than any other local bank.-0-
