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Head of Russian bank warns customers they may not get dollars back
By Annmarie Hordern and Jake Rudnitsky
Wednesday, September 12, 2018
Russians with bank accounts in dollars may find they can only make withdrawals in other currencies if new sanctions proposed by U.S. lawmakers take effect.
"I am sure that all the clients of all banks should receive their money back. That's the principal approach," VTB Group Chief Executive Officer Andrey Kostin said today. "How, in which currency, is a different story."
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The U.S. Senate is considering punishing the Kremlin for alleged election meddling, including a fresh raft of measures dubbed the "bill from hell." This could bar Americans from buying new issues of Russian sovereign debt and ban Russia's largest state banks, such as VTB, from using dollars.
Kostin's comments are an indication to markets that policy makers and businesses are bracing for the worst, and could focus investors' attention on the possible fallout from sanctions, according to Liza Ermolenko, an economist at Barclays Capital in London. ...
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