Putin Supports Central Bank Crackdown

By The Moscow Times

May 23, 2014

President Vladimir Putin threw his weight behind the Central Bank's crackdown on risky lending and money-laundering during a conversation Friday with participants of the St. Petersburg International Economic Forum.

The Russian authorities will continue their work on the "rehabilitation of the financial system," which despite its difficulties is "necessary in order to make the financial system viable and effective," Putin said, Interfax reported.

Putin added that Russia's abundance of banks — there are currently around 950 — "does not conform with the realities and financial opportunities for effective work."

More than 30 Russian banks have lost their licenses to the Central Bank's purge of the sector in 2014 alone.

… 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.

Continue