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VTB’s statement on Odessa refinery

1 April 2014

VTB’s statement on Odessa refinery.

The Ukrainian authorities are well aware that the agreement under which the Odessa refinery was pledged as collateral was and is fully compliant with Ukrainian legislation. In effect, what some Ukrainian representatives are proposing is the expropriation of collateral belonging to the Bank. Such unlawful actions could push Russia into a response that would be harmful to trade and economic relations between the two countries. Responsibility in this case would lie wholly on the Ukrainian side.

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