Russia's No. 2 lender VTB Thursday said it would increase the number of countries where retail clients can send money to 25 from 11, with India and Türkiye the key, new destinations.
VTB was particularly hard hit by sweeping Western sanctions, cut off from transactions in major global currencies and blocked from the international SWIFT payments system soon after Moscow sent tens of thousands of troops into Ukraine on Feb. 24, 2022.
The key destinations in this year's outlook will be India and Türkiye, with whom our country has established partnership relations and where the tourist flow is now directed," said Deputy President-Chairman of VTB's management board Anatoly Pechatnikov.
VTB CEO Andrei Kostin last week told Reuters the end of the dominance of the U.S. dollar was nigh as the Chinese yuan rises and the rest of the world sees the peril of the West's failed attempt to bring Russia to its knees over Ukraine.
Kostin also said VTB was working to ensure Russians could pay comfortably when overseas.
In January-May this year, Belarusian rubles accounted for 43% of VTB's soft currency cross-border transfers, followed by the Kazakh tenge at 39% and the yuan at 14%.
