Russia’s Invasion of Ukraine Does Not Put Beijing in a Bind
Defense OneNov 26, 2021
The Facts
The European subsidiary of VTB, one of Russia's largest banks, has announced a change of name after its parent company revoked its consent to allow it to continue operating under the shared brand title.
According to its CEO Frank Hellwig, the Frankfurt-based VTB Bank SE, which has been undergoing bankruptcy proceedings since last year, will now be known as OWH SE.
The Spin
Anti-Russia narrative
The liquidation of VTB is the result of Russia's invasion of Ukraine. Markets and consumers alike have been made to suffer uncertainty and instability because of Moscow's expansionist actions. Removing consent for the Europe branch to continue under VTB's branding is a petty and inconsequential move at this stage in the decline of the organization.
Pro-Russia narrative
Unnecessary Western sanctions against Russia have ruined the global trade system and deeply affected financial institutions, including banks and forex services. Washington, not Moscow, is responsible for creating economic instability and depleting banking assets worldwide.
