S&P Global Ratings announced that it is suspending its rating on RCB Bank due to its relationship with VTB Bank and the transfer of ownership to Cypriot shareholders following the Russian invasion.
The US Office of Foreign Assets Control (OFAC) introduced sanctions against VTB Bank JSC and its subsidiaries on 24 February 2022. On the same day, VTB Bank sold its 46.3% stake in Cyprus-based RCB Bank to the bank's Cypriot shareholders, controlled by members of RCB's management.
(CNA)
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