In the latest move against Russian banks in Ukraine, the National Bank of Ukraine declared Ukraine subsidiary of Russian state bank VTB insolvent

In the latest move against Russian banks in Ukraine, the National Bank of Ukraine declared Ukraine subsidiary of Russian state bank VTB insolvent on Tuesday, citing its declining liquidity and worsening financial position. Earlier this month, the central bank revoked the banking licenses of BM Bank, another VTB subsidiary. Last year, the Kyiv government imposed sanctions on Russian banks operating in Ukraine. Since then, the central bank has failed to approve sales of the banks. VTB’s work here was paralyzed this fall after a Kyiv court ordered the freeze of its assets to implement a September ruling against Russia at an international arbitration court in The Hague.