VTB's Chinese branch continues to open accounts despite sanctions

MOSCOW. Aug 20 (Interfax) - VTB's Chinese branch continues to open accounts despite sanctions, said Galina Oleinikova, head of VTB's foreign trade support and development service.

"Despite all the difficulties arising from the new sanctions package and the stance taken by large Chinese banks, our clients continue to work with China through VTB Shanghai, actively making their payments and transactions. We continue to open accounts at VTB Shanghai," she said at a webinar on the "Imbalance of Freight Flows with China amid the Changing Geography of International Logistics."

Oleinikova said the rush to open accounts at VTB's Chinese branch, which was observed recently, had died down.

"We have now recruited staff, rented new premises, so accounts at VTB Shanghai are already being opened calmly, as usual, and clients are no longer worried about this being a lengthy process. Now clients are getting their paperwork together fairly quickly, going to appointments, tokens are now being issued immediately, clients are connecting to the bank and are beginning to receive cash funds from Russia," she said.