Russia’s VTB to hike mortgage rates by four percentage points to 15.3%

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FILE PHOTO: St. Petersburg International Economic Forum (SPIEF)

MOSCOW – Russia’s No. 2 lender VTB will hike mortgage rates by four percentgae points to 15.3% from Feb. 28, it said on Sunday, with harsh new Western sanctions forcing the bank to reconsider its mortgage lending parameters.

“Due to the sharp rise in interest rates on the market we are also temporarily suspending the processing of refinancing” operations, VTB said in a statement.

(Reporting by Reuters)