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Russia's shipbuilding is an “artificial conflict” created by Ukraine, says VTB Bank Manager

As appointed government leaders leading a state-owned Russian bank, VTB's Kostin was placed on an American sanctions list in April…

As appointed government leaders leading a state-owned Russian bank, VTB’s Kostin was placed on an American sanctions list in April 2018, together with a group of Russian oligarchs, state officials and entities, because of what the US Treasury called “Worldwide Malignant Activity” .

The cost blamed the US sanctions for misunderstandings “but told the Russian state agency TASS at the time that he had done no mistake and always tried to promote good working relationships with US banks and investors Reuters reported earlier this year. Kostin told CNBC that he may have been placed on a sanction list incorrectly.

“I’m listed as the senior official,” he told CNBC’s Geoff Cutmore in May. “Like I’m not, of course, I’m chairman of one of the leading commercial international listed banks and malignant activities mentioned and included in Ukraine, hacking Syria or undermining American democracy, which has nothing to do with this obviously, and the whole banking community around the world feels like a banker, he says.

Earlier on Wednesday, Riccardo Orcel, chief of VTB International, CNBC announced that the bank would deal with fresh or extended sanctions if it happened.

“We have been working on the sanctions in full compliance and in the last three years we have developed our M & A company, our capital market business with transactions serving customers in many parts of the world so of course we have to see what will be The result of recent political events, but in full compliance with rules, rules and sanctions, we hope we can continue our business. “

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