Contents tagged with Russian banks
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 gazeta.ru.
“In September, a new package of restrictions will go into effect against the highest profile banks,” said the source of gazeta.ru, 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 …