Projects in the field of transport and urban infrastructure development, which are being implemented in St. Petersburg jointly with VTB and other Russian banks, will continue despite the sanctions imposed on them. Governor of St. Petersburg Alexander Beglov told TASS on Friday.
On February 24, the US announced the imposition of sanctions against large Russian banks, including Sberbank and VTB.
“We do not have a single project that would involve the currency risks of the city and its obligations in foreign currency in relation to partners and concessionaires. For example, we expect that our strategic investor, VTB Bank, will successfully continue the operation of existing projects – the development of the Western High-Speed Diameter, Pulkovo Airport – and continue, under the agreements concluded, the implementation of other large-scale projects, including the Latitudinal Expressway,” the governor said.
He also added that the city continues its partnership with Sberbank, Joint-Stock Bank Rossiya and Gazprombank, which are also partners in major city projects. “Gazprombank is the Kupchino-Shushary-Slavyanka tram line. In relations with Sberbank, we count on their participation in our investment and transport projects. JSB Rossiya is one of our base banks servicing the accounts of our transport companies. We will continue cooperation,” the governor said.