Russia's second-largest bank VTB, one of the first banks to be excluded from the SWIFT global payments system over Moscow's invasion of Ukraine, reported a loss of 612.6 billion rubles ($7.7 billion) for 2022 on April 5. "In 2022 the VTB group faced unprecedented hardships and challenges.... We were the first target for the maximum sanctions possible, which led to significant losses," the bank's chief financial officer Dmitry Pianov said in a statement.
Major Russian Bank VTB Reports $7.7 Billion Loss Due To Sanctions
Russia's VTB bank was one of the first to be removed from the SWIFT payments system after Moscow's invasion of Ukraine. (file photo)