VTB Loses Bid to Recover £205 million From Defunct UK Arm

VTB Bank, Russia’s second largest lender, failed in its legal bid to recover £205 million ($274 million) from its defunct UK arm.

Lawyers for the lender, first sanctioned by the UK in 2022, argued that the government unlawfully changed certain sanctions-related rules for the administration of VTB’s UK unit earlier this year. The decision had a “catastrophic” impact by erasing all its claims for money from the London arm.