Contents tagged with Russian banks

  • Kremlin: Russian banks and companies ready to be disconnected from SWIFT

    If Russia is disconnected from the SWIFT interbank system, it will impede bank operation and necessitate the use of outdated technology, but Russian financial institutes and companies are technologically prepared to do this, stated Russian Deputy Prime Minister Arkady Dvorkovich in response to students’ questions during the opening ceremony of the seventh session of the “International Model United Nations” conference.

    “Of course it [the disconnection from SWIFT] would not be pleasant, because …

  • Media: Kremlin has chosen a new bank to serve the Russian military sector

    Citing two sources in the government's financial and economic sectors, as well as two financiers familiar with the situation, Kommersant newspaper reports that a special credit organization will be formed as part of Promsvyazbank to work with Armed Services Procurement operations and large state contracts.

    On Thursday, January 18, the Ministry of Finance officially confirmed information that has appeared in the media that a special bank would be created in Russia for the needs of the defense …

  • Russian Sberbank admits that it is impossible to operate in the Crimea due to sanctions

    Lawyers from the Russian Sberbank cannot find a legal mechanism that would allow them to operate in the Crimea while avoiding related sanctions, stated Herman Gref, the bank’s CEO, during a lecture at the World Festival of Youth and Students in Sochi, reports RIA Novosti.

    "You can imagine what the price of such an issue is for Sberbank. It is a question of the entire financial system of the country, the competitiveness of the country as a whole. Therefore, the speculators who raise these …

  • Russia’s VTB Bank admits it has difficulties selling its subsidiaries in Ukraine

    The Russian banking group VTB cannot sell two of its subsidiary banks in Ukraine: VTB and BM Bank. This was stated on the sidelines of the Eastern Economic Forum by the head of VTB, Andrey Kostin.

    "We will reduce the size of business and expenses, sell the assets little by little, take back loans, and sell all kinds of collateral. And withdraw from there. No one will allow anything to be sold there, probably," Kostin said.

    VTB Group in May last year announced its intention to sell Ukrainian …

  • Media: U.S. may introduce additional sanctions against Russian banks in September

    Sources in Russian diplomatic circles expect that the U.S. may impose additional sanctions against a number of Russian state-owned banks, reported the website

    “In September, a new package of restrictions will go into effect against the highest profile banks,” said the source of, which has close ties to the Russian Foreign Ministry.

    According to the information provided, this action will be directed against the Bank of Russia, Rosselkhozbank, Gazprombank and other Russian …

  • Russian Alfa-Bank refuses to leave Ukraine

    According to the co-owner of one of the biggest private banks, Petr Aven, Russian Alfa-Bank is not going to sell their business in Ukraine. “We have not made a decision [to sell our Ukrainian business] yet. We’ve decided to work there. We are not a state bank,” he said during a television interview on channel Russia 24, RIA Novosti reports.

    Even so, Aven professes that it is difficult for Alfa-Bank to work in Ukraine. "We have had 80 attacks on different bank branches in different cities in …

  • The Deputy Head of the National Bank of Ukraine said Russian banks have no future in Ukraine

    Banks that are partly owned by Russia should be able to “calmly and without panic” withdraw from the Ukrainian market where they have no future, the Deputy Chairman of the National Bank of Ukraine (NBU), Katerina Rozhkova said in an interview with Minfin web site.

    “There is no development for Russian banks here. This should be clear to everyone. On the other hand, as a regulator, we believe that the exit from the market should be civilized. No one should get bricked. Let the banks have the …

  • All Ukrainian banks owned by Russia put up for sale

    During a broadcast on the Inter TV channel, Acting Deputy Governor of the National Bank of Ukraine Kateryna Rozhkova reported  that all the banks with state-owned Russian capital in Ukraine have been put up for sale.

    "We know for certain that all banks with state-owned Russian capital that are currently operating in Ukraine are negotiating a potential sale. As a regulator of the banking market, we believe that this is the best way to leave the Ukrainian market, as in today’s conditions it is …

  • Ukraine introduces sanctions against Russian banks

    On March 16 Ukrainian President Petro Poroshenko enacted the decision of the National Security and Defense Council (NSDC) of Ukraine to adopt sanctions with respect to a number of legal entities. Ukraine will soon adopt sanctions for a year on five banks with Russian capital: Sberbank, VS Bank, Prominvestbank, VTB Bank, and BM Bank. The goal of the sanctions is to prevent them from withdrawing this capital from Ukraine in favor of entities related to them.

    The media outlet reports that …