The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

VTB Q3 results blunder: Err… how much?

The last thing Russia’s state bank VTB needs is another African mishap.

In 2013 and 2014, VTB – with BNP Paribas and Credit Suisse – raised $2 billion in bonds and loans for companies owned by Mozambique’s defence ministry.

Less than half of that amount was publicly disclosed, and the proceeds were partly used to buy military speedboats, as opposed to their declared use: the country’s tuna fishery activities.


Andrey Kostin,

VTB, under chairman Andrey Kostin, has reportedly become the object of scrutiny by US, UK and Swiss financial regulators as a result of these transactions.

The bank denies any wrongdoing, but it is quite clear that it can ill-afford another public relations disaster on the continent – and yet that is what just happened.


In its third-quarter results, the bank declared that the Central African Republic owed it $12 billion in obligations – an enormous amount for a country whose GDP is less than $2 billion, according to the World Bank.

If this debt were to exist, one struggles to see how VTB could ever get its money back, and why it would have extended such sums to one of the world’s poorest countries in the first place.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree