VTB, which was well-connected internationally, was one of many first banks to be excluded from the SWIFT world funds system after the battle erupted in late February 2022.
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Its chief Andrei Kostin, an affiliate of President Vladimir Putin, was individually sanctioned by Britain and the USA.
The financial institution mentioned Wednesday its losses totaled 612.6 billion rubles final 12 months.
“In 2022 the VTB group confronted unprecedented hardships and challenges,” the financial institution’s chief monetary officer, Dmitry Pianov, mentioned in an announcement.
“We had been the primary goal for the utmost sanctions doable, which led to vital losses,” Pianov mentioned.
The financial institution had posted a web revenue of 327 billion rubles in 2021.
The financial institution mentioned it suffered from an “unprecedented outflow of [foreign] currencies” in addition to losses associated to the disposal of subsidiaries, together with VTB Financial institution Europe.
The financial institution additionally mentioned it was impacted by the Russian central financial institution’s rate of interest hikes.
“Tough exterior situations compelled us to take fast and clear selections,” Pianov mentioned.
In 2020 VTB counted 15 million shoppers in Russia and employed round 80,000 workers.
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