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Bank of Russia ready to support Russian banks affected by EU sanctions

July 31, 2014, 20:55 UTC+3 MOSCOW
“The Bank of Russia has enough instruments to refinance the banking sector,” the watchdog's press service stressed
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Central Bank of Russia

Central Bank of Russia

© EPA/YURI KOCHETKOV

MOSCOW, July 31. /ITAR-TASS/. Russia’s Central Bank said on Thursday it was ready to support Russian banks subject to the European Union’s sanctions by offering liquidity under existing instruments.

“Banks affected by the EU sanctions are capable of coping with problems on their own. Their foreign currency position is well-balanced. But if there are extra factors of risk, the Bank of Russia is ready to offer liquidity under existing instrument,” the press service of the Central Bank said.

The bank of Russia said that banks affected by the sanctions had enough capital and the decision to convert subordinated loans into tier I capital would give them extra financial capacities.

“The Bank of Russia has enough instruments to refinance the banking sector,” the press service stressed.

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