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Central Bank Revokes Delta Key License
9.03.2015 09:34
Central Bank Revokes Delta Key License
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The Central Bank has revoked the license from Delta Key, a non-banking credit institution, that has been suspected of laundering illegal gains.

      Earlier, the Central Bank has revoked the license from SB Bank, part of the Top 100 lenders, over inadequate reserves and inaccurate reporting.

      This is the latest in a series of banks that were unable to survive the fluctuations in the national currency, hiked interest rates and capital restrictions placed by the West over Russia’s alleged role in the Ukraine crisis.

      Earlier, Russia-IC reported that the national Deposit Insurance Agency has decided on how to spend most of the one trillion roubles in financial aid pledged by the government.

      According to Vedomosti, 830 billion roubles will be divvied up between the Top 10 lenders. The list includes VTB Group (310 billion), Otkritie (55.1 billion), VEB (20.4 billion), Rosselkhozbank, Gazprombank, Alfa Bank, and Rossia Bank (13.6 billion).

      The program has been launched to bolster the country’s banking sector amid the falling rouble, oil prices and restrictions on capital access imposed by the West over Russia’s alleged role in the Ukraine crisis.

      The Russian national currency took a severe hit after oil prices plunged from around $105 to below $50.

      Russia has 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.

      Trade between the EU and Russia fell sharply in 1Q 2014, echoing a sour political relationship between Moscow and Brussels split over the Ukraine crisis.



Sources: :// 

Author: Mikhail Vesely


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