The Central Bank announced the withdrawal of one of the major banks from the balance of frozen assets
One of the systemically important banks in Russia has already separated blocked assets into a separate legal entity. This was stated by Deputy Chairman of the Bank of Russia Olga Polyakova during the V Congress of the Association of Banks of Russia (ADB). She did not name the bank.
“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. Literally recently, we made such a decision, allocated assets, allocated liabilities into a separate legal entity, ”said Ms. Polyakova (quoted by RIA Novosti).
Systemically important banks are the largest credit institutions in the country whose financial stability renders impact on the banking system as a whole.
In the summer of 2022, President Vladimir Putin signed a law specifying the specifics of the reorganization of banks that are under the sanctions of countries unfriendly to Russia. The law allows sanctioned banks to reorganize in the form of a spin-off of a new legal entity that is not a credit institution, which is endowed with frozen assets. Banks have the right to carry out such reorganization until July 1, 2023 inclusive.
Earlier, VTB drew attention to the problems with the creation of a new legal entity and asked to modify the rule of law. “If the bank is PJSC, then there are problems in connection with the requirements of the law “On Joint Stock Companies”. I know that the property committee is preparing amendments on this matter,” commented Alexei Moiseev, Deputy Finance Minister (quoted from RBC).
Among the systemically important banks subject to blocking sanctions, in addition to VTB, Moscow Credit Bank, Otkritie, Promsvyazbank, Rosbank, Sberbank, Sovcombank,