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Russia's Second Largest Bank Says It Can Raise Capital Despite Sanctions

Russia's second-largest bank, VTB, says it can raise capital if the need arises, despite being hit by the latest wave of Western sanctions.

In its statement on July 30, VTB called the sanctions "politically motivated, unfair."

Washington imposed sanctions on more Russian banks on July 29 targeting VTB among others. The European Union also warned it will limit access to foreign capital for state-owned Russian banks.

Meanwhile, Russia's central bank promised to support financial institutions hit by the sanctions as stocks took a tumble in Moscow on July 30.

The Moscow-based Association of European Businesses said on July 30 that the "new sanctions will not only hurt the Russian economy, but also will restrict growth in both the EU and Ukraine."

Russian EU envoy Vladimir Chizhov said on July 30 that increasing pressure on Russia through new sanctions "leads nowhere."

Based on reporting by Reuters and AP