Russian court freezes 80.7 mln euros in VTB Europe securiti…

The logo of VTB bank is seen on the bank's headquarters in Tehran

The logo of VTB bank is seen on the bank’s headquarters in Tehran, Iran, May 23, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS/File photo Acquire Licensing Rights

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MOSCOW, Sept 19 (Reuters) – A Russian court has frozen 80.7 million euros ($86.2 million) in securities owned by Germany’s VTB Europe, a former subsidiary of Russia’s VTB Bank (VTBR.MM), which was taken over by the German government last year, VTB said on Tuesday.

VTB said the decision had been taken due to a lawsuit in which it was seeking 112.6 million euros from VTB Europe.

The court in St Petersburg granted VTB’s request for interim measures to be imposed and seized the securities, court filings dated Sept. 14 showed.

In April 2022, following the imposition of Western sanctions over Russia’s actions in Ukraine, VTB in Europe was no longer allowed to take instructions from the parent bank and its assets were cut off.

German regulator BaFin said the measures had resulted in a complete ring-fencing of VTB Bank (Europe) SE from the parent company.

($1 = 0.9362 euros)

Reporting by Elena Fabrichnaya; Writing by Olzhas Auyezov and Alexander Marrow; editing by Guy Faulconbridge and Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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