Contents tagged with Russian banks

  • Kremlin: Russia might stop using US dollars in oil trade

    Russian finance minister Anton Siluanov did not rule out the possibility of using national currencies instead of the US dollar, he said on Sunday, August 12 on Russian TV. "We should build our policy considering the possible risks that arise from the actions of our American partners,” he stressed.

    The First Deputy Prime Minister also said that Moscow has significantly reduced investments in American assets and gold and foreign currency reserves and will continue this policy in the future. At …

  • Kremlin refuses to save Russian ruble

    The ruble’s latest collapse will not force the Russian government to stop buying foreign currency on the Moscow Exchange, the Central Bank of Russia warned.

    The dollar’s 3.6 and the euro’s 2.8 ruble spike are “the market’s natural reaction” to the threat of new sanctions, and currency interventions, during which the Finance Ministry has already bought more than $30 billion and plans to buy another $6 billion in August, will continue, the regulator said in a statement released on Friday.

    The …

  • US prepares sanctions against Russian state banks

    In addition to the sanctions against Russian government debt, which promise to cause foreign investors to flee Russia and drive the ruble even lower, US senators have prepared a powerful blow to the Russian banking system.

    A virtually unnoticed provision in the new bill to expand the sanctions proposes new strict restrictions on Russia’s largest state banks, reports.

    This provision may in fact cause more tangible damage to the Russian economy than the restrictions pertaining to …

  • Hundreds of Russian banks are at risk of collapse

    Based on the results of Russia’s Central Bank stress tests, problems were identified in 117 banks. There exists a risk of a gap appearing in their capital if oil prices go down sharply. Moreover, the bankruptcy of several organizations can lead to a domino effect that will affect another 107 banks, RBC reported with reference to the report of the Russian banking regulator.

    According to the Central Bank of Russia, these 117 banks account for about 30.6 percent of all banking assets. The Central …

  • Russian Sberbank makes fourth attempt to sell Ukrainian subsidiary

    Russia’s Sberbank has decided to make a fourth attempt to sell its Ukrainian business, Sberbank CEO Herman Gref told Russia 24 in an interview.

    “Ukraine is a different story – we have already made three attempts to sell the bank. Now we are going to make a fourth attempt, too. We hope that this time it will be successful,” Interfax cited Gref as saying.

    The news agency notes that on May 11, Russia’s Sberbank, as the sole shareholder of PLC Sberbank (Kyiv), decided to increase the subsidiary …

  • Ukraine extends sanctions against subsidiaries of Russian banks

    President Petro Poroshenko signed a decree on the extension of sanctions against banks that hold Russian state capital.

    The decree, which put into effect the decision of the National Security and Defense Council made on March 1, is available on the website of the President.

    Previously, Poroshenko said that over the past three years, the share of assets of the above-mentioned banks in the system decreased from 10.6% to 5.6%. At the same time, in 2017, the net assets of these banks decreased by …

  • Ukraine extends sanctions against Russian banks

    The National Security and Defense Council of Ukraine (NSDC) has extended restrictive measures against subsidiaries of Russian banks in Ukraine, the NSDC said.

    Earlier on Thursday, Poroshenko called for this measure on his Twitter account. “Banks with state-owned Russian capital are already winding up their business in Ukraine, and their withdrawal from the market is only a matter of time,” he said.“I would like to inform you that during 2017, the net assets of Ukrainian banks with Russian …

  • National Bank of Ukraine calls for extending sanctions on subsidiaries of Russian banks

    The National Bank of Ukraine (NBU) has deemed it necessary to prolong sanctions on banks carrying Russian state capital, said the Chairperson of the NBU Financial Stability Department, Vitalii Vavryshchuk, as RBC-Ukraine reports.

    The sanctions against five Russian bank subsidiaries - VS Bank, Sberbank Ukraine, VTB, BM Bank, and Prominvestbank - were imposed by a decree signed by President Petro Poroshenko in mid-March 2017, for one year, expiring this March.

    “Yes, we deem it necessary to …

  • 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 …