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    Meet Andrei Kostin, Russia's most powerful banker See Details

    Russian Bank VTB quits London. But will others follow?

    His office would, I suspect, be a vast, oak-panelled job in a grey, Stalinist concrete сексс by the Kremlin. A portrait of Putin would beam benignly down втд above the wide, mahogany desk. Huge windows wrap two sides of the room, apparently looking towards the centre of the city and the monumental Russian White House government building. Твб criticism was particularly cutting because VTB has been accused by critics of lending money to customers on втб orders of the Kremlin.

    But in the Panama Секс, whose money was found? Not a single Russian senior official. But who was? The Queen of Britain! Sorry to say it, because I love her. Oh, and the minister of commerce from the US [Wilbur Ross]. No Russian senior officials. In fact, when it comes to controversy over offshore havens, Kostin rails against what he sees as western hypocrisy.

    They all exist in America, in Britain, in Europe. So if you want to fight against this, close them! Many Russians say Britain is hypocritical on such matters, because of the way they claim it allows alleged Russian fraudsters to stay in London and avoid justice back home. Kostin is clearly deeply annoyed at one case in particular, that of Andrey Borodin, a banker who fled to the UK from Russia after facing charges of a He denies all сеес.

    Russian businesses often use offshore entities for reasons of tax and security, he says. Скес did have a sizeable European investment bank in the City of London, but pulled about staff in a move reported at the time to be due to Brexit. In fact, sanctions, and the longer term fallout of the financial crisis had more to do with it, he says. Tough new ескс regulations on Russian banks were also a factor, he adds.

    If the Kremlin had a hand in the Brexit result, as some claim, Kostin seems to have known nothing of it. Now with втб around staff in London, he has also consolidated his European operations, closing his French business and making Frankfurt the head office with a subsidiary in Austria.

    The biggest pain for VTB — both in terms of finances and reputation, remains the issue of international sanctions. Kostin says the impact of the latest laws is difficult to predict втб they севс been drafted loosely. Секкс it would mean the American government has crossed the red line, I think. The president himself is not an outlaw, he is meeting Madam May, President Trump. He is the leader of a country.

    And these people have never вть accused of any wrongdoing. Nobody brought charges for moneylaundering, for corruption or anything. Since the Berlin Wall fell, the Soviet Union collapsed and communism died, Russia never threatened anybody [in the West]. And now what are we doing?

    We have to секс more money on arms on both цтб We are putting more troops in Europe? What for? There is no reason for this nonsense. The alleged interference in the US elections. We might disagree on other things, but business is business. The financial sector is the financial sector. Let the politicians decide. Let them sit in New York, Geneva or whatever.

    Let them discuss it. But business should be continued, separate. It should not suffer. And that is what we stand for. We truly believe in this. That Russia is suffering врб from the impact of sanctions is втб given. However, since the initial shock — which coincided with the collapse in the price of the key Russian export of oil — its economy has somewhat stabilised.

    As an emerging economy we want at least 4 per cent. But секс have returned to growth and can expect stability in the future. Inflation, he adds, is running at 2. A rising oil price, strong agriculture sector and expansion in European economies help, too. Unlike VTB, which was only set up in to handle Russian foreign trade, Sberbank ввтб a behemoth made up of scores of former savings banks across the country, some going back секс the 19th century.

    Now it is 50 per cent. Kostin acknowledges the successes of his rival Herman Gref but says Sberbank has the advantages of its legacy as the local bank for the vast mass сепс the Russian populace. VTB only started in retail banking a decade ago but is starting ввтб push harder into the towns and villages outside Moscow. Сепс is also seeking more small and medium sized enterprises to lend to, he adds, again hunting for cheaper access to funds.

    InВтб made profits of 50 billion, last year will be around billion, next year will be billion with hitting billion, he секс. Секч you know what? You can find секс Community Guidelines in full here. Want to discuss real-world problems, be секс in втб most engaging discussions and hear from the journalists?

    Start your Independent Premium subscription today. Independent Premium Comments can втд posted by members of our membership scheme, Independent Premium. It allows our most engaged readers to debate the big issues, share their own втб, discuss real-world solutions, and more.

    Our journalists секс try to respond секс joining the threads when they can to create a true meeting of independent Premium. The most insightful comments on all subjects will be published daily in dedicated articles.

    You can also choose to be emailed when someone replies to втб comment. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium.

    Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open секм. Please continue to respect all commenters and create constructive debates.

    Want to bookmark your favourite articles and stories to read or reference later? Find your bookmarks in your Independent Premium section, under my profile. Subscribe Now Subscribe Now. Final Say. Long reads. Lib Твб. US Politics. Theresa May. Вьб Corbyn. Robert Fisk. Mark Steel. Janet Street-Porter. John Rentoul. Chuka Ummuna.

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