Russian companies’ accounts in VTB French subsidiary frozen – CEO Kostin

RT.com

French law enforcement has frozen the accounts of Russian companies operated by the French subsidiary of VTB, Russia’s second-largest bank, CEO Andrey Kostin told RBK. Diplomatic accounts were briefly frozen as well, but have since been unlocked.

“As of this morning [diplomatic accounts] were unfrozen… The sums are small, some dozens of thousands of euros, [but] Russian companies’ accounts are still frozen,” the bank chief was cited as saying. “We are working on the problem with our lawyers now.”

The news comes amid developments from Belgium, where Russian state assets are facing seizure to secure payment of a contested Russian debt to the former owners of the now defunct oil giant Yukos.

The debt payment was ordered by the Permanent Court of Arbitration in The Hague in July 2014, and totals $50 billion. Russia intends to challenge the ruling.

Earlier, an aide to Russian President Vladimir Putin said the possible seizure of assets over the Yukos litigation had been foreseen and that the country is preparing to act to counter the move.