transfer of Russian subsidiaries of foreign banks under external management is inexpedient – Kommersant

The Bank of Russia does not support the idea of ​​extending to banks the practice of outsourcing Russian subsidiaries of foreign companies. This was stated by the chairman of the Central Bank Elvira Nabiullina during a press conference.

“As for the possibility of transferring Russian assets instead of allowing foreign owners to leave, these decisions should be made with very good reasons related to the stability of the functioning of the Russian economy,” Nabiullina said. In the banking sector, the transfer of assets under the management of the Central Bank does not consider it appropriate, she stressed.

April 25 President Vladimir Putin allowed transfer foreign assets to temporary management in case of seizure of Russian assets abroad. According to the decree, 83.73% of the shares of the Russian Unipro (owned by the German concern Uniper) and 98% of the shares of Fortum (owned by the Finnish Fortum) were transferred under the temporary management of the Federal Property Management Agency. Such temporary administration may be terminated by decision of the President of Russia. Then the Federal Property Management Agency allowed expansion of the list of foreign companies under external management.

At the end of October 2022, Mr Putin approved a list of 45 banks, a list of banks that are prohibited from making transactions with foreign shares. The list of banks includes, among others, Raiffeisenbank, Unicredit, Citibank, Deutsche Bank and OTP Bank.

Maria Fedotova