Latest articles from Russia

New money laundering rules lead to chaos in Russian bank system

August 2, 2004

Russians have seen it all before; when the queues began to form outside banks that were refusing to pay out last month, panic began to set in.
A bank crisis that started in May with the closure of medium-sized Sodbiznesbank threatened to spin out of control after the large retail bank, Guta Bank, closed its doors and a run started on accounts at Alfa Bank, one of the two biggest commercial banks in Russia.

Russian central bank’s tough stance causes jitters

July 2, 2004

THE CENTRAL BANK OF RUSSIA (CBR) sparked a mini banking crisis last month after it used new anti-money laundering laws for the first time to strip a bank of its licence.

Progress and potential

July 2, 2004

Jules Stewart reports on the main points raised at The Banker’s Banking on Russia conference.
Three leading market participants addressed a conference on Russian banking organised by The Banker on May 24 to review progress made in reforming the sector and assess the outlook for future progress.

Russia and Ukraine ratify UEA

June 2, 2004

The Ukrainian and Russian parliaments ratified an agreement, at the end of April, to create a free-trade Unified Economic Area (UEA). The pact, tying the two fast-growing economies more closely together, has forged the European Union of the east.

The future of Russian banking

June 2, 2004

With a new presidential term for Vladimir Putin and crucial administrative reforms underway, Ben Aris considers the future shape of Russia’s over-banked financial system.

Foreign banks join Russia’s capital markets party

April 5, 2004

As the economic good times roll in Russia, foreign banks are either bolstering their current operations or looking for a way in, says Geraldine Lambe.

There may be roubles ahead

April 5, 2004

Despite concerns over the wisdom of letting a state bank manage Russia’s pension fund, profits so far have been promising. Ben Aris reports from Moscow.

Surer footings

April 5, 2004

Despite its shortcomings, Russia’s banking sector appears to be stable enough to avoid a systemic crisis, even when faced with a worsening foreign economic environment. Andrey Kostin, CEO of Vneshtorgbank, explains.

All change?

April 5, 2004

Ben Aris reports on the expected repercussions of President Putin’s re-election.

Spending spree boosts borrowing

April 5, 2004

A flourishing economy is allowing the average Russian to enjoy a hitherto-unknown lifestyle, a fact which hasn’t escaped the notice of the bank and loan men. Ben Aris reports.

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