The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has lifted financial sanctions on VTB Bank Europe SE (formerly known as Ost-West Handelsbank AG and VTB Bank Deutschland AG; website www.vtb.eu).
VTB Bank Europe was an affiliated company with the Russian VTB Bank, which was added to a group of sanctioned companies by the European Union on April 8, 2022.
In April 2022, the German supervisory authority, the Federal Financial Supervisory Authority (BaFin), prohibited VTB Bank from exercising the voting rights arising from its shares in its subsidiary VTB Bank Europe (now known as OWH SE i.L.). At the same time, BaFin prohibited the bank’s management to follow instructions from Russian VTB Bank
These measures have made OWH SE i.L. completely shielded from its Russian parent company.
According to the OWH SE i.L. statement, that bank is not under the EU sanctions.
