Nabiullina said there was no need to save the “daughters” of foreign banks

Chairman of the Central Bank (CB) of the Russian Federation Elvira Nabiullina said that there is no need to save the “daughters” of foreign banks in Russia at the expense of the state yet. Ms. Nabiullina announced this during a press conference.

“I don’t see any potential need for a bail-out, we don’t see any such cases that it would be required in the foreseeable future, because in general the banking system is stable,” said the head of the Central Bank (quoted from “RIA News”).

“As for the work of Russian subsidiaries of foreign banks in Russia, we treat them as Russian banks, and all regulation in general and supervisory practice is built in exactly the same way, but indeed transactions with the assets of a number of them on the list require special permission until such criteria are established, work is underway on the decree, and it is still difficult to talk about it,” Elvira Nabiullina also said.

Since the beginning of the military operation in Ukraine, a number of foreign banks have announced their withdrawal from Russia. July 15 power reportedthat they will not be allowed to sell the “daughters” of foreign banks, “until the situation improves.”

26 October President Vladimir Putin approved a list of 45 banks, transactions in which can only be carried out with special permission. The list of banks in which it is impossible to make transactions with shares of foreigners from unfriendly countries includes Raiffeisenbank, Unicredit Bank, Citibank, Deutsche Bank and OTP Bank.

Maria Fedotova