VTB’s Former Commodities Unit May Restart Trading After Purchase

Bulgarian banking brothers Milen and Georgi Velchev have bought the Swiss commodities business formerly owned by Russia’s VTB Bank PJSC, opening the way for it to start trading again.

The acquisition by the Velchevs — who previously worked at Merrill Lynch and Morgan Stanley, respectively — comes after sanctions following Russia’s invasion of Ukraine made it difficult for the unit to process payments or hire legal representation. The Swiss commodities trading and financing outposts of Russia’s biggest banks had been a growing force in the sector before the war.

Milen Velchevdeclined to disclose the terms of the purchase ...