Stanislav Yankovets, VTB's managing director of strategic development, Middle East and North Africa, explained during the Moscow Islamic Finance Forum in May that VTB Capital, a wholly-owned subsidiary of VTB, has resumed work on issuing a sukuk through its Dubai entity VTB Capital Dubai. "We were working on a possible sukuk issuance in 2008, but then the financial crisis happened and everything was put on hold. But now we have resumed work on the possible issuance of a sukuk. We signed an agreement with Kuwait Finance House, which will help in the structuring of the issue, seed the issuance and cooperate with the distribution," said Yankovets.