VTB sells its shares in Pochta Bank and Cyprus-based RCB to shield them from sanctions

ring its assets to minimize the impact from the restrictive measures.

Almost as soon as Britain announced its sanctions VTB said it had sold two shares in Pochta Bank to the bank's new chief executive Alexander Pakhomov.

"The decision to sell the shares was made in relation to the concluding stage of reshuffle of the management in Pochta Bank and for the purpose of optimization of the corporate structure of managing this asset," VTB said.

As a result, VTB's stake in Pochta Bank has dropped below the controlling threshold to 50% less one share, the same as the one held by a Pochta Bank subsidiary.

As for its foreign assets, VTB sold its non-controlling 46.29% stake in Cyprus-based RCB Bank to other RCB Bank shareholders on February 24, 2022. The RCB Bank shareholders asked the Central Bank of Cyprus to approve to finalise the deal.