Russian state-owned VTB Bank (PJSC) has transferred all its shares in RCB Bank to Cypriot shareholders, making RCB a 100 per cent Cypriot-owned bank.

VTB transferred to the Cypriot shareholders the 46.29 per cent stake it held in RCB.

Under the deal sealed on Thursday, Crendaro Investments Limited now holds 7,889,933 common shares (or 73.04 per cent of the share capital) of RCB Bank, and Mitarva Limited holds 2,911,536 common shares corresponding to 26.96 per cent.

The new shareholder structure has been submitted to the Single Supervisory Mechanism for approval. Any share structure change that exceeds 10 per cent needs the nod from the SSM.

The move comes amid new sanctions against Russia in a drive to isolate Moscow from the global economy.

At a news conference in Washington, US President Joe Biden said the totality of the penalties will target trillions in assets and include specific measures against Russian elites and banks including state-owned VTB Bank.

“Today I’m authorizing additional strong sanctions, and new limitations on what can be exported to Russia,” said Biden. “This is going to impose a severe cost on the Russian economy both immediately and over time.”

Biden unveiled the plans after speaking with G-7 leaders earlier.

“And we’re in full and total agreement: We will limit Russia’s ability to do business in dollars, euros, pounds, and yen to be part of the global economy. We’ll limit their ability to do that.”