Central Bank: a significant Russian bank allocated frozen assets into a separate legal entity

A Russian systemically important bank has separated blocked assets into a separate legal entity. This was announced by Deputy Chairman of the Bank of Russia Olga Polyakova.

“As for the allocation of blocked assets into a separate legal entity, there is a law, and there is already a decision. One of the systemically important banks has already passed this procedure. Just recently we made such a decision, allocated assets, allocated liabilities into a separate legal entity,” added Polyakov (quote from Prime).

Polyakova did not specify which credit institution did this.

In the summer of 2022, the President of the Russian Federation signed a law that allows sanctioned banks to reorganize in order to spin off a new legal entity to which the frozen assets are transferred. Settlements with foreign clients are supposed to be carried out through a new structure. Banks can use this right until July 1.

In April, Deputy Chairman VTB Dmitry Pyanov spoke about the difficulties in the reorganization procedure, writes RBC. According to him, VTB could withdraw about 180 billion rubles from the balance sheet. blocked assets.

May 24 Central Bank informed, which plans to extend the right of banks not to disclose sanctions-sensitive information until December 31. We are talking about the ownership structure, members of management bodies and other officials, the essential conditions of reorganization related to this, etc.