Russian state-owned VTB Bank (PJSC) has transferred all its shares in RCB Bank to Cypriot shareholders, making RCB a 100% Cypriot-owned bank.
VTB transferred to the Cypriot shareholders the 46.29% stake it held in RCB.
Under the deal sealed on Thursday, Crendaro Investments Limited now holds 7,889,933 common shares (or 73.04% of the share capital) of RCB Bank, and Mitarva Limited holds 2,911,536 common shares corresponding to 26.96%.
The new shareholder structure has been submitted to the Single Supervisory Mechanism for approval. Any share structure change that exceeds 10% needs the nod from the SSM.
The move comes amid new sanctions against Russia in a drive to isolate Moscow from the global economy.
At a news conference in Washington, US President Joe Biden said the totality of the penalties will target trillions in assets and include specific measures against Russian elites and banks including state-owned VTB Bank.
“Today I’m authorizing additional strong sanctions, and new limitations on what can be exported to Russia,” said Biden. “This is going to impose a severe cost on the Russian economy both immediately and over time.”
Biden unveiled the plans after speaking with G-7 leaders earlier.
“And we’re in full and total agreement: We will limit Russia’s ability to do business in dollars, euros, pounds, and yen to be part of the global economy. We’ll limit their ability to do that.”
Source: Cyprus Mail
