Russia's VTB Acquires Grain Trader

Russian state-controlled bank VTB said on Thursday that it had completed its purchase of a 70% stake in local grain trader Mirogroup, expanding the lender’s diversification into the grain export business.

Russia is the world’s largest wheat exporter and the expansion of VTB, the country’s second-largest lender, in grain export infrastructure in recent months has been seen by some traders as a sign of the Russian government tightening the grip over the sector.