* This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Aug 1 (Reuters) - Russian banks would need 7-10 years to write down losses from the freezing of their foreign assets, TASS state news agency on Monday quoted the head of Russia's No.2 lender VTB Andrei Kostin as saying.

Western countries have frozen assets of some Russia's major banks as part of sweeping sanctions designed to punish Moscow for its invasion of Ukraine, which Russia calls a "special military operation". (Reporting by Reuters; Editing by Susan Fenton)