MOSCOW - CTC Media, which owns the Russian television channels CTC, Domashny and Peretz, has felt the impact of sanctions against Russia, although the company itself is not subject to these sanctions.
Several international banks have declined to work with CTC Media, refusing even to conduct standard payments to third parties, due to strict internal policies, the company reported.
Sanctions could have a negative impact on CTC Media’s work with international banks, consultants and commercial companies. The refusal of international banks or other western counterparties to work with the company due to real or perceived risks could have a tangible negative impact on the operations and financial position of CTC Media, the company said.
Neither the company nor its Russian subsidiaries have been included in the sanctions lists of the European Union, the United States and other countries, CTC Media said.
Sanctions have been imposed against Bank Rossiya and its beneficiary Yury Kovalchuk. Entities affiliated with the bank control CTC Media’s second largest shareholder – Cyprus-based Telcrest Investments Limited, which owns a blocking stake. However, under the ’50 percent rule,’ sanctions apply to companies in which persons already subject to sanctions own upwards of a 50 percent interest.
