Future Of British Business
Traders Working for Free Fight for Survival: Sanctioned VTB’s New Reality
- VTB’s commodities trading arm facing daily firefights: CEO
- Firm has “thrown up its hands in despair,” London judge says
VTB Capital Plc headquarters in Moscow, Russia.
Photographer: Andrey RudakovThis article is for subscribers only.
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.”