Russian bank VTB no longer has control of European subsidiary, German regulator says

Russian bank VTB (VTBR.MM) can no longer exercise any control over its European subsidiary in the wake of new sanctions, German regulator BaFin said on Sunday.

The European Union on Friday formally adopted new sanctions against Russia, which will ban a range of imports and also ban all transactions with four Russian banks, including VTB. read more

BaFin said following the sanctions, management at VTB's Frankfurt-based subsidiary is no longer allowed to take instructions from the parent bank, and that the parent company cannot access the financial assets or economic resources of its European unit.