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Russia’s VTB to hike mortgage rates by four percentage points to 15.3% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : VTB’s logo can be seen at St. Petersburg International Economic Forum in Saint Petersburg (Russia), June 3, 2021. REUTERS/Evgenia Novozhenina/File Photo

MOSCOW (Reuters). – Russia’s number one lender. VTB, Russia’s No. 2 lender, will raise mortgage rates four percentage points to 15.3% starting February 28, the bank announced on Sunday. The move comes in response to harsh Western sanctions that forced VTB to reevaluate its criteria for mortgage lending.

VTB stated in a statement that “Due to sharply rising interest rates on market, we are also temporarily suspending processing of refinancing operations.”

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