Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Banks to Provide Contingency Plans to Central Bank - Bill
20.10.2014 13:19
Banks to Provide Contingency Plans to Central Bank - Bill
Photo Credit:

Russian banks may be forced to provide stress test scenarios and recovery plans to the Russian Central Bank, according to a bill by the Russian government.

      The Russian banking industry has been hit hard by the current recession, a cut in consumer demand, bad debts and restrictions imposed on sources of funding as part of international sanctions.

      Earlier, Russia-IC reported that the government said it was not going to support the national currency and does not expect oil prices to go as low as $60 per barrel, says the Finance Ministry.

      The rouble registered a new low against the dollar amid tough sanctions, uncertainty in Ukraine and the Yevtushenkov case involving Bashneft’s stocks.

      The country could lose up to $50 billion, or 4 percent of GDP, due to sanctions and a drop in oil prices.

      According to a report by Russia’s Finance Ministry, the geopolitical events would cost Russia 2 percent.

      Maxim Oreshkin, head of the long-term strategic planning department, said the economy’s response to external shocks was surprisingly soft.

      Russia sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.


Author: Mikhail Vesely

Tags: Russian banks     

Next Previous

You might also find interesting:

VkusVill Network Plans to Expand in Europe
Business Activity in the Areas of Production and Services Fell Below a Critical Level
All Stores in Russia may be Obliged to Accept Bank Cards
The Share of Unprofitable Organizations Increased in Russia
The Ministry of Economic Development is Changing Corporate Law

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Sokolniki  Naomi Maki  corruption  St. Petersburg  Mercedes-Benz Fashion Week Russia  Orthodoxy  Yuli Gusman  Rambler  terrorist organizations  Russian visa  credit cards  Delphic Games  Monuments  Semen Dezhnev  Moscow  Exhibitions in Moscow  Transportation  International space station  Sergey Kalugin  investment  negotiations in Russia  Pussy Riot  Russian business  Kostroma  poll  Russian maps  Festivals in Moscow  Football  Installations  Russian Bears  Sberbank  Russian Cinema  travel to Russia  Gavrilov-Yam  Katya Dobryakova  Tatyana Lioznova  Russian tourism  Russian regions  Russian law  The Bolshot Theatre  gold reserves  Smirotvorets  Ryazan  Sakhalin  the Bolshoi Theatre  Sochi Olympics  Volosozhar  Pavel Luspekayev  Ballad of a Soldier  Donbass 

Travel Blogs
Top Traveling Sites