Armenian Bloggers initiate boycott of Vneshtorgbank

Posted on August 5, 2008 by | 17 Comments

Armenian bloggers have initiated a boycott of VTB Bank Armenia and are inviting everyone to join the action. Better known as “Savings Bank of the Republic of Armenia” (Armsavingsbank) was founded

in 1923 and was the pillar of Soviet Banking system and law obedient Soviet citizens were encouraged to hold their savings there – which was one of the reasons, why after the collapse of the USSR and downfall of the Soviet Ruble it had huge depts to Armenian citizens. In fact it ows me, personally – about 2000 Soviet Rubles. In Kocharyan era the bank was sold to Armenian oligarch of Karabakh origin – Mika Baghdasaryan for a ridiculously small amount of money, to be soon resold to Russia’s Vneshtorgbank.

The couse of blogger discontent lies in the fact, that as part of it’s bid for acquiring the Azerbaijan’s AF-Bank, VTB have forced their Armenian subsidiary to close down their branch in Nagorno-Karabakh. Clearly – this is politics intruding into business, so bloggers are urging everybody to close their accounts at VTB.

Yet another cause of the action is the fact, that VTB is providing loans to the Armenian Copper Program (ACP), which plans to clear-cut over 1,500 acres of Teghut’s forest in order to establish an
open pit strip mining operation for copper and molybdenum ore.

The bloggers are urging everyone to also write letter to VTB indicating these two as reasons for their frustration with bank’s activities, as well as avoid making utility payments via VTB, which is so far one of the prime choices for making water, electricity and communication services payments in Armenia.

The Armenian Observer blog is joining the action and is urging everyone to do so as well.

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17 Responses to Armenian Bloggers initiate boycott of Vneshtorgbank

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  8. Armen Filadelfiatsi | August 6, 2008 at 12:12 pm |

    First, all those links to this post shown in the commentary are from where? Second, this very complicated issue can’t be resolved without more detail. No one wants more of Armenia’s precious forests cut down. But why are people who would otherwise move to protect the forests abandon that goal? Is it because there is a forced poverty on all of Armenia from its corrupt rulers?

  9. V | August 6, 2008 at 12:12 pm |

    I fully support this cause. I don’t have an account at VTB, otherwise I would have closed it.

  10. Observer | August 6, 2008 at 12:50 pm |

    Armen – those links are evidently simple SPAM and I’ll delete them as soon as I get to my PC. As to your question – I didn’t quite understand what you mean?

  12. Tigran Kocharyan | August 7, 2008 at 4:57 pm |

    Delete also Ara Arabyan’s comment-he is real spam:)))

    Arabyan,you are supporting initiative of my friends-shame on you,guy:)

  13. me | August 7, 2008 at 5:20 pm |

    You’re quite the comedian, pigh, aren’t you? Here’s something we can all rally around regardless of political affiliation and instead of welcoming this rare show of agreement, you’re undermining it. Ayspes sep xreluc zguysh egheq, petakanutyan himqer@ karogh a xarxlven, xaytarak klinenq :D

  14. Tigran Kocharyan | August 7, 2008 at 5:56 pm |

    Me jan
    This was interpersonal joke-Ara Arabyan will confirm,sorry for a flooding here…
    Of course you are right-we should not split our nation,we all brothers.,Even you are my brother:)

  15. Observer | August 7, 2008 at 6:36 pm |

    Pigh jan, be careful – there are quite a lot of sisters reading this blog as well ;)

  16. Ara Arabyan | August 7, 2008 at 10:27 pm |

    Some courtier bloggers want to delete my comments? Hello, Tigran!

  17. Tigran Kocharyan | August 8, 2008 at 8:33 am |

    Hello my boykott brother!!:)