SCHNELL

Deutsche Bank Tried to Sell Off $600M Loan to Russian Bank in Late 2016

Deutsche Bank frantically tried to sell off a $600 million loan to Russian bank VTB in late 2016 in order to minimize its financial ties to Russia, which had been accused of meddling in the U.S. election. The Wall Street Journal reported Sunday that the German investment bank, which counted Donald Trump as a long-time client, was able to sell $300 million of the loan to Russia’s Alfa Bank in December 2016, but that it was unable to sell the remainder. VTB reportedly paid back the last $300 million of the loan in August 2017. Separately, the New York Times reported Saturday that Deutsche Bank declined to loan Trump money in 2016, fearing he wouldn’t pay and that it would have to go after his assets as president in the event he was elected.