Support The Moscow Times!

Snoras Bank Nationalized

VILNIUS, Lithuania — Lithuania nationalized its fifth-largest bank after it surfaced that assets, possibly worth hundreds of millions of dollars, were moved offshore in recent days, Prime Minister Andrius Kubilius said Thursday.

Lithuania nationalized Snoras Bank on Wednesday and suspended all major operations until Monday, while authorities search accounts for criminal activity. A temporary administrator was also appointed.

Snoras, which had assets worth 8.1 billion litas ($3.1 billion) at the end of September, was 68 percent owned by Russian businessman Vladimir Antonov, who recently tried to acquire Swedish carmaker Saab but was prevented from doing so by European and Swedish authorities over suspicions of money laundering.

(AP)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.