VTB reported an increasing number of payment refusals from banks in Russia-friendly countries. VTB chairman Andrey Kostin spoke about this at the congress of the Russian Banking Association. “Kommersant”.
According to Kostin, from the end of 2023, foreign banks, including large Chinese ones, as well as credit institutions from Turkey and the UAE, began to refuse to work with Russian banks due to fear of American sanctions.
The situation worsened in February 2024 when the United States imposed restrictions on the Mir payment system. Thereupon, banks in Kyrgyzstan and Armenia stopped cooperating with him. However, as reported, VTB Armenia will continue to provide full service to Mir cards, and unlike many other Kazakh banks, VTB Kazakhstan will also continue to support them.
Additionally, Kostin said that non-state pension funds in Russia may increase the share of stock investments from the current 10 percent to 15-20 percent. According to him, in other countries this share is 50-60 percent.
Before that, it was known how businessmen bet on Russia. to fall It’s on Forbes’ list.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.