Support The Moscow Times!

Moscow Bank Connected to Chaika's Son Loses License

The Central Bank headquarters in Moscow.

Russia's Central Bank has revoked the operating license of the Moscow-based Millenium bank due to a loss of capital, the regulator said in a statement on Friday.

The statement also said Millenium bank — ranked 282nd in the Russian banking system in terms of assets — failed to satisfy the claims of its creditors in a timely manner.

According to the Kommersant newspaper, 48 percent of Millenium bank is owned by entities controlled by the Russian Railways state monopoly.

The Vedomosti newspaper reported last October that 11.7 percent of the bank's assets were owned by Russian Prosecutor General Yury Chaika's son Igor through Beteltrans — Russia's largest producer of railway sleepers.

The Central Bank has been carrying out a large-scale cleansing of the Russian banking sector since 2013. A total of 93 banks were deprived of licenses last year.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

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.

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

Read more