Traders are working for free and face daily struggles to keep sanctioned VTB viable, in the new reality facing a Russian trader in Europe.
Russian state-backed lender VTB Group’s commodities trading arm has slashed its headcount to 19 staff from over 80 and many had to work without pay for a “prolonged period.” All their contracts are set to expire at the end of the year, according to a recent London court ruling, which lays bare the extent to which the business has been “significantly reduced.”
VTB was among the first Russian financial services firms sanctioned by the UK ...
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