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New US sanctions won’t have any significant impact on VEB Group’s activities

31 july 2015 года
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VEB regrets OFAC’s actions and regards sanctions as illegal

July 31. INTERFAX-AFI-VEB whose subsidiaries were put on the US sectoral sanctions list, regrets the American regulator’s actions but does not expect the sanctions to influence the Group’s activities.

Under OFAC’s decision (the Office of Foreign Assets Control of the US Department of the Treasury responsible for sanctions enforcement), following VEB (MOEX: VEBM), sectoral sanctions were imposed on Thursday against the Russian Direct Investment Fund (RDIF), EXIAR, Bank Globex (MOEX: GLBX), VEB –Leasing (MOEX: VEBL), VEB Capital, the Federal Project Finance Center, Svyaz-Bank (MOEX: SVZB), Prominvestbank, Rose Group, VEB-Engineering.

In fact, all these companies were not anyway in a position to raise long-term funding and place shares in the US (it is sectoral sanctions that bar them from doing it) because they are VEB’s subsidiaries but formally they were not put on the US Treasury Department’s list so far.

“Vnesheconombank reaffirms that US further sanctions won’t have any significant impact on VEB Group’s activities. A new sanctions list only finalizes the US Treasury Department’s previous revision – the list names organizations that are members of VEB Group”, said VEB’s spokesman to journalist on Friday.

“Of course we deplore such actions. All VEB Group’s obligations to investors, depositors and creditors are being fulfilled in full and in due time. We’ve got sufficient financial resources to ensure VEB Group’s operation”, said VEB’s spokesman.

“We state once more that the sanctions are illegal and run counter to standards of international law”, he added.

 

VEB: US sanctions against Russia are illegal and run counter to standards of international law

Economy and Business
July 31, 16:00 UTC+3

They also said at the Bank that Vnesheconombank had sufficient financial resources to ensure VEB Group’s operation

MOSCOW, July 31. /TASS/. US sanctions against Russia are illegal and run counter to standards of international law”, Vnesheconombank’s spokesman told TASS about it. Vnesheconombank’s subsidiaries were formally put on the US extended sanctions list.

“Of course we deplore such actions. All VEB Group’s obligations to investors, depositors and creditors are being fulfilled in full and in due time. We’ve got sufficient financial resources to ensure VEB Group’s operation”, they said at VEB.

“We state once more that the sanctions are illegal and run counter to standards of international law”, they said at VEB.

US sanctions against Russia
The day before, Washington extended the list of natural and legal entities subject to unilateral economic sanctions imposed earlier on the basis of four executive orders by the US President over the events in Ukraine.

 

New US sanctions won’t have any significant impact on VEB’s activities

RIAN
July 31, 2015 16:46

MOSCOW, July 31-RIA Novosti/Prime. US new sanctions won’t have any significant impact on Vnesheconombank (VEB) Group’s activities, the state corporation have sufficient financial resources to ensure its operation, they said at the state corporation.

On Thursday, the US Treasury Department said that it had imposed further sanctions against 11 natural and 15 legal entities, among them are subsidiaries of VEB and Rosneft. The US authorities believe that the companies put on the black list took measures to circumvent sanctions imposed on Crimea.

“Vnesheconombank reaffirms that US further sanctions won’t have any significant impact on VEB Group’s activities. A new sanctions list only finalizes the US Treasury Department’s previous revision – the list names organizations that are members of VEB Group”, said VEB’s official spokesman to RIA Novosti.

“Of course we deplore such actions. All VEB Group’s obligations to investors, depositors and creditors are being fulfilled in full and in due time. We’ve got sufficient financial resources to ensure VEB Group’s operation”, they said at VEB. “We state once more that the sanctions are illegal and run counter to standards of international law”, he said to the agency.

He also noted that VEB operates in the usual course of business.
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