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VTB critical of EU's decision to restrict its access to capital markets

  • by Karina Melikyan

  • Friday, August 1, 16:02

 VTB is critical of the EU's decision to restrict its access to capital markets.

According to the press service of VTB Bank (Armenia), this is contrary to the democratic values of the Europeans, who are just doing the Americans' bidding against their own interests.

VTB believes that the EU's decision is contrary to the basic principles of free market and discriminate not only VTB but lots of international investors. "In fact, the European authorities have assumed to themselves the right to decide where they can invest their money and where they cannot," VTB says, adding that despite the sanctions it will continue working as usually and meeting all of its obligations to investors, shareholders and customers. 

In response to the statement of the United States Embassy in the Republic of Armenia, Russian Federation's Embassy in Armenia has expressed its official stance: "It does not become a diplomatic mission to dictate the host country's authorities with whom and how they should maintain ties, especially using suggestive threats against the sovereign state. We suppose that the business community of Armenia is also able to independently see into the matter of business conduct and does not need any prompts", says the Russian Embassy's statement sent to ArmInfo.    

The Embassy of the Russian Federation in Armenia had to appear with such a statement in relation to the U.S.  Embassy's statement disseminated among the state and business structures of Armenia. The U.S.  statement concerns the risks stemming from the cooperation with the Russian companies and individuals on the list of the U.S.  sanctions.     

"We are concerned about the U.S. attempts to complicate the activities of Russian business in Armenia. All the Russian companies in Armenia, including VTB Bank (Armenia) and Areximbank-Gazprombank Group are under the jurisdiction of Armenia, operate within the limits of Armenia's legislation, obtain profit and pay taxes in Armenia and secure the employment of the major part of Armenia's population. The calls to stop the contacts with the Russian companies disavow the U.S. representatives' hypocritical statements about their willingness to contribute to Armenia's economic development. One also definitely observes obvious elements of dishonest trade and economic competition in the USA's actions", says the official statement of the Russian Embassy in Armenia. 

The Russian Embassy takes the opportunity to reiterate the contrivedness and illegitimacy of the United States' anti- Russian sanctions, which will only complicate the Russian- U.S. relations and create an extremely unfavorable environment in international affairs.  "Giving the impression of "consistency" in its current behavior, Washington, in fact, is trying to escape responsibility for the tragic developments in Ukraine and to settle accounts with Russia for the latter's independent policy", says the Russian Embassy in its statement.

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