Russia’s VTB Bank offers up to 8 per cent interest for yuan deposits, as it hoards renminbi to skirt dollar sanctions

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VTB Bank is offering a Chinese yuan savings account with a maximum interest rate of 8 per cent, as the Russian lender faces strict sanctions from the US and UK as those nations look to financially isolate Russia through widening penalties.Deposits can be opened remotely through VTB Online with a minimum amount of 100 yuan (US$16), according to a press release Wednesday. At VTB branches, clients can deposit a minimum of 500 yuan.VTB said the new offer will be the most profitable alternative to…

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