VTB, the second largest bank by assets in Russia, its affiliate VTB 24 and other banks of the group refuse to render services to U.S. customers, citizens and companies, as Izvestiya reports.  The decision was taken to minimize the risks associated with the need to comply with the law on the taxation of foreign accounts of American FATCA residents.

      "VTB is registered in the U.S. Internal Revenue Service (IRS) in order to comply with U.S. law of FATCA and is ready to work independently in accordance with it. At the same time, in order to minimize the risks, VTB management gave group affiliates a disposal to gradually renounce rendering service to the customers: the American taxpayers. This includes both the individual and legal entities", the newspaper writes with the reference to the press service of VTB. As it was noted, the bank believes that the rejection of American clients in no way affects the business and the performance of the credit institution. “All banks group affiliates have just over two thousands of such customers, and these are both individuals and legal persons," the VTB reported.