Russia’s efforts to reform its banking system, which were nearing completion, have suffered a setback from the Covid-19 pandemic, which has forced regulators to slow down their clean-up of the industry.
In common with other jurisdictions, Russia’s regulators rushed out a raft of measures in March to support the economy during the pandemic, such as the temporary easing of capital requirements for banks. Certain companies and individuals were allowed to take loan payment holidays, and the state has provided some fiscal support.