VTB Bank

About VTB Bank

VTB Bank was established in 1990 as Vneshtorgbank, the Bank for Foreign Trade of Russia. VTB grew into the second largest bank in Russia after Sberbank. The Russian government owns 60 percent through the Federal Agency for State Property Management. VTB expanded internationally, acquiring banks in Ukraine, Georgia, Armenia, and Europe. VTB was sanctioned by the US and EU after the Ukraine invasion in 2022. The bank was cut off from SWIFT and Western capital markets. VTB had established a European subsidiary in Frankfurt and a banking license in London, both of which were shut down. VTB pivoted to domestic and Asian markets. The bank finances Russian state corporations and major industrial groups.