MOSCOW, December 24. /ITAR-TASS/. Russia’s Central Bank (CBR) on December 24 has stripped Commercial Bank Ryblyovsky of license, the CBR said in a release.

The bank’s license has been revoked for breaching “federal banking laws, regulatory acts of the Bank of Russia, as well as the bank’s failure to satisfy the creditors’ claims on money liabilities.”

Due to the loss of liquidity Commercial Bank Rublyovsky failed to timely fulfill its obligations to creditors. Moreover, the bank pursued a high-risk credit policy and did not create reserves for possible losses on loan indebtedness and other assets that would be adequate to the accepted risks. The bank was also involved in suspicious transactions. The leadership and owners of CB Rublyovsky failed to take effective measures to restore its financial position,” the RF Central Bank stated.

Temporary administration has been appointed at CB Rublyovsky until the appointment of a bankruptcy manager of liquidator. The powers of the executive bodies of the credit institution are suspended, in accordance with federal laws.

CB Rublyovsky is not a party to the deposit insurance system.

By the size of its assets, the lending institution was 669th in the Russian banking system as of December 1, 2013.