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VTB’s Loan Thwarted by Sanctions on Russia

Jonathan Fisher QC is quoted in Bloomberg News today regarding VTB Group’s planned $1.5 billion loan.

The article reports  that the second-biggest Russian bank – VTB’s plans of a $1.5 billion loan will probably be scrapped after the U.S. sanctioned the Russian bank and the European Union cut off state-owned lenders from capital markets.

Jonathan commented on the recent event, “I can’t see how this bank is going to be able to proceed. EU banks, wary of U.S. sanctions, won’t want to touch it and the U.S. banks plainly won’t breach their own laws. These sanctions are going to bite.”

The U.S. measures announced this week targeted VTB Group, its Bank of Moscow unit and Russian Agricultural Bank, joining the EU in escalating penalties for Russia over its actions in Ukraine.

To read the full article on Bloomberg click here.

Jonathan is ranked as one of the UK’s leading barristers in the area of banking and financial services and is noted by the Legal Directories great experience in cases involving economic sanctions.

Jonathan can be contacted to discuss any of the issues raised in the article at fisher@devchambers.co.uk

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The views expressed in this article represent those of the author and not Bright Line Law.

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