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Russian bank VTB prepares to pull out of Europe, FT reports -Breaking

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© Reuters. FILEPHOTO : FILEPHOTO: In this image taken on August 5, 2015 in Moscow, Russia the VTB Group logo is visible through an Imperia Tower window. It’s located at the Moscow International Business Center facade. Also known as the “Moskva-City”, the Moscow International Business Center.

(Reuters] -Russian bank VTB has begun to shut down European operations following being severely affected by Western sanctions. The Financial Times reported Sunday.

VTB operates a London-based investment bank and a German retail bank with over 160,000 clients. However, VTB decided that it cannot operate in Russia because its assets have been frozen by Western Allies.

Reuters reported Wednesday that Russian regulators were preparing to close the European branch of VTB. This is amid increasing concerns over the effects of Western sanctions after Russia invaded Ukraine.

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