The Central Bank has introduced tight everyday supervision for banks that conceal their real financial condition from regulators, a news report said Thursday.
Banks that fail to comply with the Central Bank's new regulations may face serious sanctions up to license suspension, Kommersant reported, citing a copy of the instructions.
More than 100 financial institutions may fall under the suspicion of not running their business transparently.
The recommendations were issued in order to prevent the "rapid deterioration of [banks'] financial situation."
They contain a long list of contingencies, in which banks would be placed under tight supervision by the local Central Bank office.
The new recommendations will be implemented shortly after the document is published next week, said Mikhail Sukhov, a deputy chairman of the Central Bank.
According to the Central Bank, several dozen Russian banks may face emergency response measures, Sukhov told Kommersant.
(MT)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
