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Abstract:VTB Group, a Russian state-owned bank, has asked its corporate customers to refrain from executing transactions in U.S. dollars and euros to 'minimize risks given the current situation'. However, in a letter sent to its clients, the bank stated that for now, all services are available and operating as usual. Additionally, the lender said that it has made preparations in place to continue working as normal.
VTB tries to safeguard its customers from increased transaction costs.
The Ukraine crisis has caused several challenges in the Russian financial market.
The Ukraine crisis shows little sign of being addressed. The European Union and the United States have imposed new sanctions on Russia, particularly in the financial field, aimed at weakening Russias economy and increasing its financing costs.
Russias Central Bank began 'de-dollarizing' its economy years ago, to minimize the impact of the financial sanctions that the European Union and the United States had been threatening to impose on the country. Unhappy with the US dollar's domination of the global economy, the Bank of Russia has implemented de-dollarization policies to make the international financial order more dynamic, safeguard its monetary sovereignty and offset the impact of the financial sanctions by the US and the EU.
Advancing Financial Solutions
As a global provider of financial services, VTB bank is continuing to develop and provide its customers with the most advanced services.
In September 2019, VTB Forex LLC, a forex brokerage subsidiary business owned by VTB Group, appointed Sergey Zharov to serve as the CEO of the business unit. Zharov was tasked with preserving and strengthening VTBs leading position in the forex market in Russia. The bank worked on achieving that by growing the business, improving its products and services and increasing customer loyalty.
In December last year, VTB partnered with Wildberries, Russia's largest online retailer, to launch a new payment service system, VTB Pay. The new service enables Wildberries users to have access to another convenient payment instrument that reduces the cost of accepting payments and increases conversions.
In short, VTB has continued to identify tremendous market interest in various innovations in financial solutions for businesses interested in reducing costs and customers who want to pay for purchases efficiently and grow their wealth.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Selecting the right forex broker can make the difference between trading success and frustration for most investors, especially retail investors. As retail traders gain unprecedented access to global markets, the choice between platforms like JustForex and JustMarkets becomes increasingly significant. Both brokers offer some shining features within the forex and CFD trading space, but their approaches differ in some areas.
Vault Markets, a South African-based broker, has attracted much attention in recent days, particularly within its region. This online broker only offers access to focused trading opportunities on Indices, Currencies, Energies, and Metals, yet it shines on low minimum deposits plus various bonus programmes, which would encourage more investors, especially beginners, to trade with a small budget. However, Vault Markets operates outside of the authorized scope, so we don't consider it solid to trade with.