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Russia’s regulator ready to support domestic banks hit by US sanctions

July 30, 2014, 10:59 UTC+3 MOSCOW
The US administration announced on Tuesday sanctions against VTB Bank, Russian Agricultural Bank and Bank of Moscow
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Russia’s Central Bank building in Moscow

Russia’s Central Bank building in Moscow

© Sergei Shakhidzhanyan

MOSCOW, July 30. /ITAR-TASS/. The Russian Central Bank is ready to take measures to support domestic banks hit by fresh US sanctions, the monetary regulator said on Wednesday.

The US administration announced on Tuesday sanctions against VTB Bank, Russian Agricultural Bank and Bank of Moscow.

“Adequate measures will be taken, if necessary, to support these organizations to protect the interests of their clients, depositors and creditors,” the Central Bank said in a statement.

In early July, when the United States imposed a third package of sanctions against Russian state development corporation Vnesheconombank and Gazprombank, the Russian Central Bank also announced its readiness to help the domestic lenders.

The United States announced second round of sanctions against Russia in relation to the events in Ukraine on April 28. According to the announcement of the press secretary of the White House, the new measures will affect 7officials, including two officials from the inner circle of Russian president, as well as 17 companies connected with the people of this circle. In addition, the US Department of Commerce imposes "additional restrictions" on 13 people from these companies. The US Department of treasury said that the list includes presidential envoy to the Crimean region Oleg Belaventsev, CEO of Rostech Sergei Chemezov, Deputy prime-minister Dmitry Kozak, Federal Guard Service Eugene Murov, Chairman of the State Duma lower house committee for international affairs Alexei Pushkov, head of Rosheft Igor Sechin, the first deputy head of the presidential administration Vyacheslav Volodin.

The USA imposed sanctions against Russia in response to its stance over Crimea’s status. March 17, the USA announced a black list including 11 Russian and Ukrainian officials. In March and April, the list has been expanded several times. To date, the list includes several dozens of people, who, as US authorities believe, undermine Ukraine’s sovereignty and territorial integrity.

In addition, the USA has suspended cooperation with Russia in the field of combating drug trafficking and in the space industry (except for the International Space Station project), and introduced restrictions for supplying military and double-purpose products to Russia.

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