November 27, 2018 / 5:05 PM / a year ago

Ukraine central bank declares Russian VTB subsidiary insolvent

KIEV, Nov 27 (Reuters) - Ukraine’s central bank declared the Ukrainian subsidiary of Russian state lender VTB insolvent due to its declining liquidity and worsening financial position, the central bank said on Tuesday.

The decision followed VTB’s comments that it may be forced to leave the Ukrainian market because its work there had been effectively paralysed after a court in Kiev ordered assets belonging to it to be frozen.

VTB said the court viewed its assets as Russian property and that it had frozen them to implement a ruling against Russia at an international arbitration court in The Hague in September. (Reporting by Natalia Zinets; Editing by Adrian Croft)

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