VTB Bank

Treasury written question – answered on 7th March 2022.

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Photo of Michael Fabricant Michael Fabricant Conservative, Lichfield

To ask the Chancellor of the Exchequer, for what reason a 30 day licence has been granted giving permission for any individual or entity to wind down any transactions with Russian bank VTB until 27 March.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The general licence INT/2022/1272278 (Wind Down Positions Involving VTB) was issued on 25 February to allow for an orderly wind down of contracts with the bank, which was designated on 24 February. The general licence permits only the wind down of existing activity for third parties and expires on 27 March 2022. The general licence has been granted to reduce disruption in the UK financial system, not to permit VTB to proactively exit positions. It ensures that VTB will not benefit from a situation where UK persons cannot close out their positions or wind down transactions involving the bank.

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