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Russian Government Should Support VTB Bank Targeted by Sanctions: Minister

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Russian Economic Development Minister believes the Russian authorities should uphold the VTB Bank affected by sanctions.

BEIJING, November 8 (RIA Novosti) — The Russian government should support the VTB Bank that has been targeted by the Western sanctions, Russian Economic Development Minister Alexei Ulyukayev said Saturday.

"I think this support should be provided," Ulyukayev told journalists on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Beijing when answering the question on the future of the VTB Bank.

The minister, however, has not specified the amount of such support as well as its form.

In early October, Ulyukayev said the Russian government would support several large Russian banks hit by the sanctions. He has also stressed that Russia is going to legally contest the sanctions in the World Trade Organization.

The same month, the VTB Bank filed a lawsuit with the European Union General Court contesting the European Council's decision to impose sanctions against the bank.

In July, American and European investors were prohibited from issuing new loans to Sberbank, VTB, Russian Agricultural Bank, Gazprombank, and Vnesheconombank for a period exceeding 30 days or buy any of their stocks and bonds over 30 days old. Sanctions against the Russian state-owned banks were also imposed by Australia, Canada, Switzerland and Japan.

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