Four of CQUR’s five original directors came from VTB Capital or RCB Bank, a Cypriot lender then 46.29 per cent owned by VTB. After the Russian bank sold its stake in May 2022, two senior figures from that network remained as chairman and chief executive and later appeared in CQUR’s disclosed ownership chain. Public records show institutional continuity — but not who financed the sale or whether VTB retained any rights.
On 16 May 2022, less than three months after the United States and Britain imposed blocking sanctions, VTB announced that it had sold its 19 per cent stake in Qatar’s CQUR Bank. It disclosed neither the buyer nor the price.
On paper, VTB’s involvement ended there. The corporate record tells a more complicated story.
CQUR was established in the Qatar Financial Centre in 2019. The five directors named in contemporaneous reports citing the QFC were Makram Abboud, Ziad Al-Amin, Vladimir Zrazhevsky, Vladimir Ostrovsky and Nicolas Neophytou. Abboud and Al-Amin came from VTB Capital. Zrazhevsky and Ostrovsky came from RCB Bank in Cyprus, in which VTB then held 46.29 per cent. Four of CQUR’s five disclosed directors therefore came from VTB Capital or a bank nearly half-owned by VTB.
The board later changed substantially: four of its five current members were not on the 2019 list. But continuity remained at the top. Abboud, now CQUR’s chairman, previously ran VTB Capital’s Middle East and Africa business and sat on the board of VTB Capital plc. Al-Amin, CQUR’s chief executive, worked at VTB Capital and later headed RCB’s Dubai office.
Both men have since appeared inside CQUR’s ownership chain. Abboud is a director of Quince Holding, the bank’s current direct shareholder, and the disclosed significant shareholder of Quince Tree, one of the companies above it. Al-Amin is another director of Quince Holding. They did not simply remain employed by CQUR after VTB’s exit; they later took positions in the companies through which the bank is owned.
There was a striking precedent inside the same network. On 24 February 2022, the day VTB was sanctioned, its 46.29 per cent stake in RCB was acquired by Cypriot shareholders representing RCB’s management. Less than a month later, S&P suspended RCB’s ratings, saying it could not assess either the full effect of the management acquisition or the remaining links between RCB and VTB.
Large assets were also moving back towards the Russian bank. In 2020, VTB assigned CQUR rights to a RussNeft loan and a $100 million Kazchrome tranche. CQUR returned both in February 2022, when their reported value was about $1.18 billion. A month earlier, RCB had returned $1.7 billion in Kazchrome claims.
Audited company accounts therefore establish nearly $2.9 billion in transfers from CQUR and RCB back to VTB in January and February 2022. They do not disclose the price or purpose of those transactions. The transfers demonstrate intensive coordination before VTB’s exit from CQUR; they do not, by themselves, prove control after the sale.
Who bought VTB’s stake remains unclear. An archived CQUR page shows that the other 81 per cent of the bank was held by Amathus Investment Fund SPC, a private fund in the British Virgin Islands. After VTB’s departure, Amathus was the only significant shareholder named by the bank. But no public transfer document reviewed for this investigation identifies it as the buyer of VTB’s shares.
CQUR later said that it had been acquired by Middle Eastern private investors led by management. That wording was absent from the bank’s pages archived in November 2022 and February 2024; it appeared by January 2025. The statement does not reveal who paid VTB, how much was paid or where the money came from.
The ownership structure now recorded in Qatar took shape later. As of 25 August 2026, the QFC register named Quince Holding, incorporated four months earlier, as CQUR’s significant shareholder.
Its disclosed shareholders include Quince Tree, linked to Abboud, and MHF Holding, owned by the established Emirati group Al Hail. That offers a plausible independent explanation for the present structure. But all three vehicles were created after VTB’s exit. They show who sits in the chain now, not who bought the stake in May 2022.
CQUR also retained a clear capacity to serve Russia-linked business. Its latest published terms set a 1pm cut-off for payment orders in Russian roubles. Fix Price’s audited accounts show balances with CQUR worth RUB1.65 billion at the end of 2023 and RUB3.87 billion at the end of 2024. Those amounts are rouble equivalents used in Fix Price’s reporting, not proof that the account itself was denominated in roubles. They do, however, document substantial post-sanctions business with a group focused on the Russian market.
None of this proves sanctions evasion. Rouble payments and service to Russian companies are not illegal in themselves. Such a finding would require evidence of a transaction involving a blocked party, a concealed beneficiary or end user, false trade documents, or a regulator’s action. No such public record involving CQUR was found. The bank says it screens customers, beneficial owners and transactions against UN, Qatari, EU and US sanctions lists.
The evidence supports a firm but bounded conclusion. VTB’s departure did not produce a demonstrable institutional break. CQUR had been built around VTB Capital and RCB personnel; large credit assets returned to VTB shortly before the exit; senior alumni remained at the top and later appeared in the ownership chain; and the bank continued to contemplate rouble payments and serve Russia-linked business.
What the evidence does not establish is whether VTB financed the acquisition, retained voting or economic rights, or issued instructions after the sale. The documents that could answer that question remain undisclosed: the 2022 sale agreement, the identity of the original buyer, proof of funds, voting agreements, pledges, options and any nominee arrangements.
Until those records emerge, VTB’s exit from CQUR can be verified as a change of registered ownership — but not as a clean institutional separation.
