The head of VTB rejected accusations of circumventing US sanctions

The HEAD of VTB said that he had never violated any legislation, including American legislation, and called the accusations brought against him in the United States “groundless.” He considers those detained in this case to be victims of provocation Andrei Kostin

President and Chairman of the Board of VTB Andrei Kostin rejected the accusations brought against him in the United States of circumventing sanctions, called them “groundless” and associated them with the fact that the American establishment is dissatisfied with the fact that the bank he heads “did everything possible and impossible to minimize the damage” from the blockers sanctions imposed against him two years ago.

“I have never violated any, including American, legislation, nor circumvented any sanctions . And I urge all my partners not to look for or invent any workarounds, but to build a different world - independent from the pressure of the political elite and the US military lobby,” Kostin said in a comment to journalists.

The US Department of Justice announced on the evening of February 22 that the head of VTB, who has been under American blocking sanctions since April 2018, has been charged in absentia with circumventing them, as well as with money laundering. According to the indictment, we are talking about DOLLAR payments for the maintenance of two yachts, Sea Rhapsody and Sea&Us, and the management of a home in Aspen (ski resort, Colorado). In this case, the ex-co-owner of the sanitized Otkritie Bank, Vadim Belyaev, who lives in the United States under the name Vadim Wolfson, as well as US citizen Gannon Bond from New Jersey, were arrested. They are accused of helping Kostin circumvent sanctions. The case is being investigated by the FBI Washington Office.

According to Kostin, these “loud statements by the American “themis” are designed to enhance the effect of the next package of sanctions.” On February 23, the United States announced new restrictive measures against RUSSIA, timed to coincide with the second anniversary of the start of the military operation in Ukraine . “We can only express sympathy for the detainees who became victims of provocation. This matter does not evoke any more emotions,” said the head of VTB.

“The past two years [since the introduction of blocking sanctions against VTB] have shown that we have long learned to cope with pressure,” Kostin said, recalling that the bank ended 2023 with record profits (over 430 billion rubles). He called VTB’s key task “systemic support for structural transformations of the Russian economy,” promising to continue to provide “all necessary assistance and support” to Russian companies, despite the sanctions imposed against them.

Kostin recalled that VTB is starting to implement a development strategy until 2026. “One of our key tasks is systemic support for structural transformations of the Russian economy. We can do this, we have done it and we will continue to do it,” he said. According to the head of VTB, “no matter what sanctions are imposed on Russian companies, we will always be close to our partners and provide them with all the necessary help and support.”

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“I understand well how this angers the American establishment. The groundless accusations brought by the American justice on the anniversary of the SVO [special military operation in Ukraine] against me personally are further proof of this,” he believes.