Russian Vneshtorgbank's subsidiary in Ukraine ceases cooperation with Visa

Russian state-owned Vneshtorgbank's Ukrainian-based subsidiary VTB Bank has ceased cooperation with Visa's international payment system.

"Dear clients! We ask you to take into account that VTB Bank will cease cooperation with the international payment system, Visa, from February 21, 2018," reads the statement published on the bank's website.

According to the financial institution, they will completely terminate servicing Visa cards. However, clients will be able to use Mastercard payment cards without opening a new account.

Read alsoU.S. mulling more sanctions against Russia – TillersonUNIAN memo. VTB Bank has been operating in Ukraine since 1992. It is among the 20 largest banks ranked in terms of assets. Russian Vneshtorgbank's stake in the Ukrainian subsidiary has been more than 99.9% of shares since 2006. VTB Bank posted UAH 4.112 billion ($151.9 million) in losses in 2017.

Sanctions imposed on Russian state banks' Ukrainian subsidiaries, including Sberbank, VS Bank, Prominvestbank, VTB Bank, and BM Bank remain in force until March 16. They prohibit the withdrawal of capital in favor of parent structures.