VTB Bank, which has been included in the sanctioned persons’ list issued by the US Treasury’s Office of Foreign Assets Control (“OFAC”) since February, submitted its financial statements for the first half of 2022 to the National Bank of Georgia. According to the document, VTB Bank suffered a loss of GEL 91.5 million as a result of the sanctions imposed. The bank also lost most of its assets, loans and deposits.
Upon imposition of the sanctions, VTB's deposit and credit portfolios, as well as infrastructure and personnel, were distributed by Basis Bank and Liberty Bank. Consequently, the bank's financial indicators decreased as follows:
Assets - GEL 471 million, a decrease of 77%;
Loans - GEL 311 million, a decrease of 79%;
Deposits - GEL 42.6 million, a decrease of 97%.
97.4% of the bank's shares are owned by the Russian VTB Bank, while 59.3% of its shares are owned by the State of the Russian Federation.
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