Armenian Bloggers initiate boycott of Vneshtorgbank

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.

17 thoughts on “Armenian Bloggers initiate boycott of Vneshtorgbank

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    […] World Hype wrote an interesting post today onHere’s a quick excerptArmenian Bloggers initiate boycott of Vneshtorgbank August 5, 2008 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 ha […]

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    […] Armenian bloggers boycott Vneshtorgbank Posted on August 6, 2008 by realarmenia Ditord writes […]

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    […] reports that following the closure of a branch in the self-declared Republic of Nagorno Karabakh, some Armenian bloggers are urging a boycott of the Russian-owned VTB Bank. Central to the problem is that Nagorno Karabakh is recognized internationally as a part of […]

  8. Reply
    Armen Filadelfiatsi - 06.08.2008

    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. Reply
    V - 06.08.2008

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

  10. Reply
    Observer - 06.08.2008

    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?

  11. Reply
    Ara Arabyan - 06.08.2008
  12. Reply
    Tigran Kocharyan - 07.08.2008

    Delete also Ara Arabyan’s comment-he is real spam:)))
    Arabyan,you are supporting initiative of my friends-shame on you,guy:)

  13. Reply
    me - 07.08.2008

    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 [email protected] karogh a xarxlven, xaytarak klinenq 😀

  14. Reply
    Tigran Kocharyan - 07.08.2008

    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. Reply
    Observer - 07.08.2008

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

  16. Reply
    Ara Arabyan - 07.08.2008

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

  17. Reply
    Tigran Kocharyan - 08.08.2008

    Hello my boykott brother!!:)

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