Ukraines central bank declared insolvent Kremlin-run lender VTBs local subsidiary on Tuesday, ending a long-running struggle over the Russian states role in the country after the annexation of Crimea.
The National Bank of Ukraine said it would wind down VTB Ukraines operations after its Moscow parent failed to comply with banking law and the [NBUs] regulations and made no attempt to keep the bank solvent.
Ukraines deposit insurance agency will pay out 943m hryvnias ($33.5m) to depositors, almost all of whom will be compensated in full, the NBU said. VTBs total assets in Ukraine are 26bn hryvnias, making it the 16th largest bank in the country.
VTB claimed that Ukraine had paralysed its bank through rulings that essentially made it imp…
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