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This content was produced in Russia where the law

restricts

coverage of Russian military operations in Ukraine

MOSCOW, May 22 (Reuters) - Belgium's finance ministry

has refused Russian state-owned bank VTB's request for

licences to unblock customer assets held through its brokerage

accounts, the bank said on Wednesday.

Russia's second-largest bank, VTB came under sweeping

western sanctions as Moscow despatched troops to Ukraine in

February 2022, removing it from the SWIFT global payments system

and blocking its access to assets in Europe.

VTB has said that the assets of around 500,000 former

customers were blocked.

VTB said the Belgian treasury had refused its application

for a licence to unblock clients' assets, but would continue

working to try and defend its customers' interests. It also

requested a licence from the Luxembourg finance ministry.

Belgium and Luxembourg's finance ministries did not

immediately respond to requests for comment.

A large proportion of Russian assets frozen in the West is

held in Euroclear, the Belgium-based financial services company

that specialises in settlement and custody of financial assets.