Russia’s VTB Offers Up to 8% Interest Rate for Yuan Deposits
- Western sanctions are targeting Russia’s financial system
- Russian banks face isolation, higher costs and loan risks
A VTB Bank branch in Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
VTB Bank PJSC is offering a Chinese yuan savings account with a maximum interest rate of 8% as the Russian lender faces strict sanctions from the U.S. and U.K. in a push to financially isolate Russia through widening penalties.
Deposits can be opened remotely through VTB Online with a minimum amount of 100 yuan ($16), the Moscow-based bank said in a press release Wednesday. At VTB branches, clients can deposit a minimum of 500 yuan.