by Karina Melikyan
"In relation to the U.S. sanctions against a number of Russian banks, including VTB Bank OJSC, we announce that VTB Bank (Armenia) is operating as usual, providing the full spectrum of services related to deposit and loan contracts, as well as money transfers and payments by means of bankcards", says the official press release of VTB Bank (Armenia).
The source says that the sanctions will have no effect on the customers of VTB Bank (Armenia). The Bank will keep providing the whole spectrum of services in all currencies. The representatives of Visa and MasterCard have already confirmed that the Bank's plastic cards can be applied without any restrictions both in Armenia and abroad.
The official stance of VTB Bank OJSC is as follows, "VTB regrets the US Government's decision to limit the bank's access to capital markets. This move appears particularly misguided given that VTB strictly adheres to all applicable international laws and regulations, including those set out by the US authorities, which they are well aware of. We view this decision as politically motivated, unfair, legally dubious and economic damaging for all parties.
VTB is a systemically important institution in Russia with a diverse international presence and solid financial position. In spite of the discriminatory decision taken by the US, VTB will continue to meet all of its obligations to its clients, investors and other stakeholders.
The measures taken by the US Government to restrict VTB's access to the capital markets do not impact the bank's operational performance and creditworthiness. VTB enjoys an excellent reputation among international investors, and has a very strong borrowing record and expertise in various geographies in addition to western markets. We are confident in our ability to raise new funding when necessary".
VTB Bank (Armenia) joined VTB Group in Apr 2004. 100% of its shares are owned by VTB Bank. The bank has the biggest branch network in Armenia (67 branches all over the country).