Sanctioned VTB Put into Administration by Guernsey Regulator

The Guernsey operations of VTB Capital have been put into administration by the local regulator after the firm’s parent was sanctioned following Russia’s invasion of Ukraine.

VTB Bank PJSC was among Russian financial services companies to be sanctioned by the U.K. and the European Union effectively cutting it off from the global financial system. VTB’s U.K. arm, VTB Capital, is seeking administration protection in the English courts in order to safeguard creditors.

Guernsey Financial Services Commission said in a Friday statement that it has won court approval to place VTB Capital’s local arm into administration using its regulatory powers. ...