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Russia: VTB Bank to Offer Deposits in Chinese Yuan.


London, Wednesday, 09 March 2022



In the midst of currency market volatility, Russia's VTB Bank announced the creation of deposit accounts in the Chinese currency yuan with up to an 8% annual rate.


Customers can register such deposit accounts starting March 9 in their online personal cabinets, the bank's official app VTB Online, with a minimum deposit of 100 yuan ($16), and in offices with a deposit of 500 yuan ($79).


Deposits will be charged an annual rate of 8% for three to six months.


The depositor will have the option of receiving a monthly income payout or capitalizing his or her interest on the deposit.


In the midst of the Russia-Ukraine war, which has drawn international condemnation, led to financial sanctions against Moscow, and prompted an exodus of global firms from Russia, including McDonald's and Starbucks in the last 24 hours, VTB Bank was sanctioned and removed from the SWIFT international banking system.


According to UN data, at least 474 people have been killed and 864 more have been injured in Ukraine since Russia launched a war against the Eastern European country on February 24, with the real toll expected to be much higher.


According to the UN refugee agency, more than 2.1 million people have fled Ukraine to neighbouring nations.



(Written and edited by: The Decision Maker)