VTB Bank To Stop Service To Russia-Based US Clients


News: Russia-based VTB Bank will stop service to Russia-based US clients to avoid noncompliance of the Foreign Account Tax Compliance Act (FATCA), a US tax avoidance law that becomes effective on July 1. VTB's senior management has directed the group to gradually end business with individuals and legal entities that are US taxpayers. VTB Bank has around 2,000 US clients based in Russia. FATCA was passed in 2010 to crack down on US tax avoiders across the globe.

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Geography: Russia