You are here

Head of Russian bank warns customers they may not get dollars back

Section: Daily Dispatches

By Annmarie Hordern and Jake Rudnitsky
Bloomberg News
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."

... Dispatch continues below ...


Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

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. ...

... For the remainder of the report:

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: