Sanction-hit Russian state bank VTB receives $1.8 bn aid

Russia’s second largest bank VTB said Tuesday it has received 100 billion rubles ($1.8 billion) from the country’s national welfare fund, part of a plan to recapitalise the banking system hit by the falling ruble and Western sanctions.

“VTB confirms that today the bank has been provided with 100 billion rubles” – the first tranche of a 250 billion ruble deposit planned by the government, said the state bank, which was targeted with sanctions over Moscow’s meddling in Ukraine imposed by the United States and the European Union.