Frankfurt “How do I get my money?” Many VTB direct bank customers are asking themselves this question these days. After Russia’s attack on Ukraine, they wanted to empty their account at the German subsidiary of the second largest Russian bank – and failed.
The reason: Several German banks are currently rejecting transfers from the VTB direct bank, including the direct bank DKB. Other institutions such as the UniCredit subsidiary HypoVereinsbank (HVB) also did this for weeks – and are only now starting to process the corresponding payment orders again.
VTB Direct Bank is a branch of VTB Bank Europe. According to the instructions of the financial supervisory authority Bafin, the institute is no longer allowed to take deposits, but can still pay out funds to its customers – provided that other banks play along.
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