VTB CEO says Russian firms are eyeing Global South for expansion

MOSCOW, Dec 1 (Reuters) - Russian companies are eyeing expansion opportunities in the countries of the Global South and still have global ambitions despite Western sanctions, Andrei Kostin, the CEO of Russia's second-largest bank, VTB, told Reuters.

The United States last month imposed sanctions on Russia's biggest oil companies, Rosneft and Lukoil, forcing the latter to sell its overseas assets at a discount.

"Interest in expansion remains, with the focus now shifted towards the Global South. I know that many colleagues are currently considering raw material processing in China and other countries," Kostin said.

Russian oil would always be in demand, he forecast.