Liechtenstein VP Bank froze $210 million in Russian assets due to seizure
The bank no longer accepts clients from Russia for servicing
Liechtenstein-based VP Bank, which specializes in banking services, froze the assets of Russians, with expanded sanctions, for 200 million Swiss francs (about $ 210 million), should bank security. These assets have been declassified from assets under management to assets in custody. They make up 0.4% of all assets managed by VP Bank.
In a press release on the results of the bank usagethat Russia is no longer its target market, customers from Russia are not accepted for service.
As the bank’s growth, the freezing of sanctioned assets did not reach a significant level of operating income in the first half of the year. However, the introduction of restrictions and implementation In addition, the bank’s expenses increased due to investments under the “Strategy 2026”, as well as due to depreciation and expenses on IT infrastructure. The result of operating expenses increased by 5% compared to the same period last year.
VP Bank’s net profit for six months accumulated 21.3 million Swiss francs ($22.4 million), which is 29% less than in the first six months of 2021.