Russian VTB Bank offers deposits in Chinese yuan

Bank offers 8% annual rate for deposits in Chinese yuan for 3 to 6 months terms.

Russian VTB Bank offers deposits in Chinese yuan

Russia's VTB Bank on Wednesday launched the opening of deposit accounts in Chinese currency yuan with up to an 8% annual rate amid volatility on the currency market. 

Customers will be able to open such deposit accounts from March 9 in their online personal cabinets, the bank's official app VTB Online with a minimum amount of 100 yuan (around $16), and in offices starting from 500 yuan ($79).

The annual rate of 8% will be applied to deposits for three to six months.

The depositor will be able to receive a monthly income payment or choose the capitalization of interest on the deposit.

VTB Bank was sanctioned and removed from the SWIFT international banking system amid the Russia-Ukraine war, which has drawn international condemnation, led to financial sanctions on Moscow, and spurred an exodus of global firms from Russia, including McDonald's and Starbucks over the last 24 hours.

At least 474 civilians have been killed and 864 others injured in Ukraine since Russia launched a war against the Eastern European country on Feb. 24, according to UN figures, with the real toll feared to be higher.

More than 2.1 million people have fled Ukraine to neighboring countries, according to the UN refugee agency.