The Guernsey Financial Services Commission (GFSC) has obtained a court order putting the Russian-owned VTBC Asset Management International Limited into administration, in the first use of its special powers under the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law 2020.
VTBC AMI is an indirect Guernsey-registered subsidiary of VTB Bank, which is majority-owned by the Russian state and is on the EU, UK and US sanctions lists.
The GFSC took this action on 29 April 2022 and the Administration Management Order came into effect from 13 May 2022.
In its statement, the Commission said it "felt necessary to take these steps, in these particular circumstances, in order to protect the interests of investors and the reputation of the Bailiwick as a financial centre given the ongoing impact of sanctions resulting from the Russo-Ukrainian war.
"As a result of the application, the Royal Court appointed Alexander Cameron Adam, Andrew McFarlane Wood and Ian Colin Wormleighton of Teneo Financial Advisory Limited as the Administrators of the Company."
