VTB Seeks to Wind Down U.K. Unit ‘Paralyzed’ by Sanctions (1)

The U.K. arm of VTB Bank PJSC is seeking administration after sanctions “paralyzed” its operations, becoming the latest Russian financial entity to fall victim to the repercussions of the war in Ukraine.

A London judge indicated at a hearing on Wednesday he would allow the appointment of administrators for VTB Capital. He said this shouldn’t take effect until the unit obtains a license from the U.S., mirroring what VTB requested. The bank said this would pave the way for the unit to be wound down in an orderly way.

“The company’s operations have been paralyzed even beyond the paralysis ...