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US lifts sanctions against former European branch of Russia's VTB Bank (kyivindependent.com)

submitted 7 months ago by lusterko@kbin.social to c/Ukraine_UA@kbin.social

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Ost-West Handelsbank has been removed from the list, according to the information on the office's website. The names under which the bank used to operate earlier – VTB Bank Deutschland and VTB Bank Europe – were also struck down.

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[–] SineIraEtStudio@midwest.social 1 points 7 months ago* (last edited 7 months ago)

Tldr: Germany took over control of the bank from Russia, so US removed it from the sanctions list.

Relevant section:

Germany-based Ost-West Handelsbank has been removed from the list, according to the information on the Treasury's website. The positions with names under which the bank used to operate earlier – VTB Bank Deutschland and VTB Bank Europe – were also struck down.

The U.S. announced extensive anti-Russian sanctions that also targeted VTB Bank at the offset of Moscow's full-scale invasion of Ukraine on Feb. 24, 2022.

In the wake of the sanctions, German authorities wrested control of the Frankfurt-based subsidiary from its Russian parent in April 2022 and appointed a special representative to help run it.

VTB Europe officially changed its name to Ost-West Handelsbank in November 2023.