VTB Capital Plc – administration

VTB Capital Plc, the British unit of state-owned Russian bank VTB, Russia’s second-largest bank, was placed in administration on 6 December. Stephen Browne and David Soden of Teneo were appointed joint administrators. A court sanctioned that the unit be placed in administration in April, subject to the sanctions licences being obtained, after judging the unit was left unable to operate due to Western sanctions on VTB after Russia’s invasion of Ukraine. The joint administrators are now using sanctions licences to realise frozen assets of the unit in order to enable repayment to non-sanctioned creditors. Citibank, N.A., Jpmorgan Chase Bank National Association and Morgan Guaranty Trust Company of New York each has a registered charge against the unit.