Central Bank of Russia to compensate Ukrainian sanctions against Russian banks

Source : 112 Ukraine

Reserves for losses under Ukrainian risks could be formed in installments
19:26, 23 March 2017

Facebook/Lyubov Velichko

Russian banks, which subsidiaries in Ukraine were subject to sanctions, will have the opportunity to reduce the one-time burden on capital. This is reported by Russian "Kommersant".

"The Bank of Russia in connection with the emergency situation that arose as a result of the Ukrainian authorities' decision regarding the branches of Russian banks operating in the territory of this state, plans to allow Russian banks to form reserves for all losses on Ukrainian subsidiaries by installments within three years", the Russian CentroBank press service reported.

The decision was made with regard to the three largest financial institutions - VEB, Sberbank and VTB.

Yesterday, the National Bank of Ukraine (NBU) issued a decree banning withdrawal of funds from Ukraine, dividends, interest, return of interbank deposits and loans, funds from correspondent accounts of subordinated debt, distribution of profits and capital against Ukrainian "Sberbank" and VTB , VS Bank ("Sberbank" subsidiary), BM-Bank (a member of VTB Group) and Prominvestbank (VEB's subsidiary).

"Sanctions are aimed at protecting the interests of customers that are serviced in these banks, and make it impossible to withdraw capital from Ukraine," stated in the text of the resolution.

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