EU sectoral sanctions are not applicable to blacklisted Russian banks' subsidiaries in EU countries, according to an official publication.
“Any legal person, entity or body established outside the [European] Union owned for more than 50 percent by an entity listed” is denied access to EU capital markets.
Subject to the sectoral sanctions are Sberbank, VTB, Gazprombank, Russian Agricultural Bank (Rosselkhozbank), and VEB.
Sberbank and VTB have subsidiaries and financial structures in the EU, among them are active borrowers, namely Turkish-based DenizBank, which is part of the Sberbank group.
