Tag bank
Insight | Trip Advisory | Around Russia  | 18.01.23

Sberbank Started Operating in Crimea

Sberbank has started operating in the Crimea with its first ATMs have already been installed on the peninsula, as reported by the press service of the institution on January 18, 2023.  “Sberbank has formed a team and is starting to operate on the Crimean Peninsula. The first ATMs of the bank have already been installed

Economics | Business  | 23.11.22

Russian Authorities Supported Introduction of Islamic Banking

The Ministry of Finance of Russia has approved the idea of introducing Islamic banking. It goes about a type of banking activity that assumes the absence of any interest income. The decision of the department to support the bill was announced by the Deputy Head of the Ministry Aleksey Moiseev.  “We support […] There are

Visit | Trip Advisory  | 17.11.22

Sri Lanka to Open Visa and Mastercard for Russians Remotely

Russian tourists were offered a remote issuance of Visa and Mastercard bank cards at the People’s Bank of Sri Lanka before leaving for the resort. This was reported by the embassy of the island state in Moscow.  Thanks to the cooperation of the People’s Bank of Sri Lanka and the Russian National Investment and Industrial

Canada Blocked Russian Assets Worth $123 Million

The Canadian police froze Russian assets totaling $123.031 million in the period from February 24 to June 7, 2022. This was announced on Thursday, June 9, by the Royal Canadian Mounted Police.  “From February 24 to June 7, Russian assets totaling $123 million were frozen. Transactions totaling $289 million were also blocked,” the document says.

Economics | Business  | 20.04.22

Russia Adopted Law Restricting Banks From Providing Data to Unfriendly Countries

The State Duma of the Russian Federation on Wednesday, April 20, adopted a law that imposes restrictions on Russian credit institutions in providing information to the competent authorities of foreign states, including judicial authorities.  The document was submitted to Parliament by the government in June 2021 and has since been finalized for the second reading.

Economics | Business  | 19.04.22

Russia Starts Legal Fight for Frozen Reserves

The Bank of Russia will challenge the block placed on its gold and foreign exchange reserves and is already working on lawsuits, according to the Governor of the bank, Elvira Nabiullina, on Tuesday, April 19.  “This freezing of gold and foreign exchange reserves was unprecedented, so we are going to work on legal claims, and

Economics | Business  | 18.04.22

Russian Banks Resume Cash Currency Sales for Citizens Since Today

Since April 18, the Bank of Russia has resumed the possibility of selling cash currency from banks to citizens. The permit applies only to the currency that has been received at the banks’ cash desks since April 9.  The central bank in early March, against the backdrop of Western sanctions and volatility in the financial

Economics | Business  | 22.02.22

Russia’s Central Bank Announced Support Measures for Russian Banks

The Bank of Russia has allowed credit institutions to temporarily not reflect the negative revaluation of securities on their balance sheets so that this does not worsen their performance. The regulator has already applied similar measures in 2014 and 2020.  Russian banks will be able to not recognize losses due to the depreciation of securities

Economics | Business  | 31.01.22

Russian Banks Increased Net Profit by Almost 50%

Russian banks in 2021 increased their net profit by 47 per cent, to 2.363 trillion rubles compared to 1.608 trillion rubles of profit in 2020, which follows from the review of the Russian Central Bank, which has predicted earlier that the net profit of banks in 2021 will be a record and will amount to

Economics | Business  | 27.12.21

Russian Central Bank to Start Controlling All P2P Transactions

The Central Bank will start requesting data from banks on all money transfers between individuals. This is seen as a necessary measure to fight illegal online casinos, crypto exchanges, and businesses that accept payments on personal cards.  The Bank of Russia has sent a new form of reporting on money transfers between individuals to the

SWIFT in Russia: To Cut or Not to Cut?

The topic of disconnecting Russia from SWIFT is regularly raised during periods of aggravation of the country’s relations with the West. This time it was decided to use it in the context of increasing tension in the situation in Ukraine.  Speaking about the possible disconnection of Russia from the SWIFT payment system, the US mentioned