VTB will transfer foreign assets of clients to other brokers due to sanctions

Broker VTB warned clients about transferring their foreign securities to other brokers due to sanctions.Servicing of Russian assets will continue

The broker of VTB Bank has decided to transfer the assets of clients who own foreign securities to other companies, according to a letter that he sent to his users. RBC got acquainted with its content.

Clients of VTB My Investments are now unable to invest in foreign securities “due to the current situation in the financial markets, the sanctions that foreign states have imposed on VTB Bank, as well as other unfriendly actions against the Russian Federation, its citizens and Russian legal entities” explains the broker in a letter.

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Blocking sanctions have been introduced against VTB . The US has put the bank on the SDN list, which means blocking its DOLLAR assets, prohibiting transactions in dollars and any transactions with foreign counterparties, and effectively completely isolating it from the dollar system. Along with the bank, companies related to it, including a broker operating under the VTB My Investments brand, also fell under the restrictions.

“We took such a step so that you retain the ability to buy and sell any assets without restrictions,” notes VTB My Investments.