In February 2022, Russian Bank VTB's assets in the UK were frozen as part of the UK's sanctions regime against Russian businesses. In December, 2022 administrators were appointed, in the UK, to VTB Capital Plc.

But it's all been a little odd.

The company name VTB CAPITAL GROUP LIMITED has been registered since 20 October 2021 under number 13693442.

By an application filed on 19 November 2021, VTB CAPITAL PLC applied for a change of name of this registration under the provisions of section 69(1) of the Companies Act 2006 (the Act).

No response being made, further copies of the application were served on the registered office by registered and by ordinary post and one "Helen Mary Thomson" was joined as a respondent. The mail was returned marked to be returned to sender as neither the person nor the company were known at the address.

On 6th April, the adjudicator ordered that "VTB CAPITAL GROUP LIMITED shall change its name within one month of the date of this order to one that is not an offending name."

On 4th July, a certificate was issued changing the name of that company to 13693442 LIMITED.

That company, still with Thomson noted as its director and registered under business classification 74901 - Environmental consulting activities was dissolved, upon notice, on 2 May 2023.

VTB Capital Plc has a much longer history. It was formed in 1919 under a name that will be much more familiar to readers: Moscow Narodny Bank. In 2006 it changed its name to VTB BANK EUROPE PLC and then, in 2009, to VTB Capital PLC. There are no obvious links with VTB Capital Group Limited. But there are several related VTB companies. For example, there's VTB CAPITAL HOLDING UK LIMITED at the same address with no entries suggesting administration or other action.

In 2022, the UK Government granted a general licence relating to the disposal of assets pursuant to the winding down of VTB Capital Plc and there was speculation in various quarters that the bank had been quietly expropriating assets prior to the imposition of sanctions, in anticipation of those sanctions.

The recently reported disposals are by the Russian parent but, given the network of related banks across Europe and the rest of the world, it's going to be a messy transaction to sort out.