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DESPITE CORONAVIRUS

Russia’s Sberbank Posts $10Bln Profit in 2020

Profits down on 2019, but state-owned lender weathers coronavirus storm better than first expected.

Finland’s Nordea Bank Pulls Out of Russia

Nordea Bank said it "will concentrate its activities in the Scandinavian region."

THE SBER ECONOMY

Sberbank’s Big Plan to Become Russia’s Consumer Goliath Takes Shape

The state-owned lender will launch an online retail giant in 2021, as it aims to be the main player in almost every sphere of Russian life.

Russian Banks’ Gold Reserves Hit Record High

Lenders’ holdings of precious metals now worth $7.5 billion.

Coronavirus Pushes Bank Profits to Record Low

Wave of loan restructuring hits Russian banking sector, but widespread losses are likely to be avoided.

EXTRADITION ATTEMPT

Russia's Tinkoff Bank Shares Fall as Founder Indicted in U.S.

Owner Oleg Tinkov announced that he has been fighting leukemia in a statement Friday.

CRIMEAN BUSINESS

Businesses Win Landmark Case Against Crimean Compensation Fund

Case highlights unique legal complexities faced by businesses operating on the peninsula.

2020 LOOK AHEAD

Russia in 2020: Where Are All the Foreign Banks?

Foreign banks in Russia generate huge profits, so why are there not more of them?

Tajik Remittances From Russia Could Stop – Kommersant

New banking rules in the ex-Soviet state threaten to deprive families of financial support from relatives working in Russia.

SANCTIONS PROOFING

Russia Says BRICS Nations Favor Idea of Common Payment System

Russia, China, India, Brazil and South Africa to set up a new international bank-to-bank payments system.

BANKING CLEANUP

Russian Banks More Stable and Transparent Than Ever, Central Bank Chief Says

Six years and $80 billion into a mammoth clean-up drive, Elvira Nabiullina hails the strength of Russia’s financial sector.

TRADING TINKOFF

Russia’s Tinkoff Banking on Rapid Expansion

Online bank is on a mission to woo new customers and grab a larger share of the retail sector.

Citi Russia Global Markets CEO Leaves as Wall Street Retreat Continues

The Russia general director for global markets has left in the latest investment retreat for a U.S. bank.

Share of Ruble in Banks’ Assets Climbs to Post-Crisis High

Sanctions and the increased attractiveness of the ruble help Russian banks diversify their balance sheets.

SANCTIONS PROOFING

Eight Foreign Banks Join Russian Transfer System

Payments system launched in response to sanctions opens up to foreign users.

Russian ATMs Accept Fake Bills, Reports Say

The manufacturing error has reportedly led to tens of thousands of dollars in theft from the country's major banks.

Relentless Rise of Consumer Debt in Russia Fuels Bubble Fears For Some

After five years of shrinking real incomes many Russians are borrowing to make ends meet.

Danske Bank to Exit Russia Amid Money Laundering Scandal

The bank plans to leave by January 2020 amid claims that it was involved in a $230 billion money laundering scandal.

High-level connections

American Banker and Putin Ally Dealt in Access and Assets, Emails Reveal

The emails show the role of Western bankers in the days of Moscow's 2007 economic boom.

Wall Street exit

Morgan Stanley to Shut Down Its Russian Banking Business

Sanctions have made Russian access to international capital markets difficult.

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