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“Society and Banks” – “VTB” Clients will not Face any Problem in Relation to Deposits and Credit Products

“Society  and banks” released a statement regarding the imposition of sanctions on the Russian “VTBBank” by  the U.S.  and the EU.

U.S. and the European Union’s sanctions against theRussian “VTB bank” will not have a direct influence on Georgian consumers because “ VTB”  branch in Georgia is an  independent financial and legal unit. It has its own capital, which has been recentlyincreased by “VTB” shareholders.

“Society  and Banks” believes that at this stage  the bank’s Georgian  users have no reason to panic and can calmly continue to collaborate with the bank.

It should be noted, however, that in future sanctions may have some impact on the largest Russian bank’s  branch  because U.S. and European intermediary banks can  impose  some restrictions on international transfers.