Support The Moscow Times!

Bank Control Tightened

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)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more