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Pensions and Russian Sanctions
charliebinx
Posts: 2 Newbie
Enquiring about a UK citizen continuing receiving a monthly pension from Moscow Narodny Bank which was taken over by VTB Bank in 2005. VTB Bank is being heavily sanctioned due to the Ukraine invasion. What happens to pensions, are they ring fenced?
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Comments
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Are you saying the bank is the paying agent, or did the individual actually work for them and are receiving a pension from the bank's own pension scheme for employees?charliebinx said:Enquiring about a UK citizen continuing receiving a monthly pension from Moscow Narodny Bank which was taken over by VTB Bank in 2005. VTB Bank is being heavily sanctioned due to the Ukraine invasion. What happens to pensions, are they ring fenced?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Individual worked for Moscow Narodny which was taken over by VTB in early 90s after they had left. VTB Capital PLC administrate and pay the pension.0
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No idea so take it for what its worth… I think it will be a problem because VTB may not be able to pay in GBP - or to a western account. They will likely pay in Rubles and in Russia. And then you will have to convert and transfer, possibly at a loss.You should really talk to VTB.1
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I think you need to ask them direct.charliebinx said:Individual worked for Moscow Narodny which was taken over by VTB in early 90s after they had left. VTB Capital PLC administrate and pay the pension.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1
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