The Ministry of Finance of the Russian Federation has developed a draft resolution that determines the requirement for banks to have the right to conduct operations with money from the Federal budget and state extra-budgetary funds. Credit institutions must have capital of at least 25 billion roubles and be under the control of the Central Bank or the government. However, the requirement about the state control does not extend to all banks that an exception is made for those who fell under international sanctions.
As noted by RBC, in Russia there are only two private Bank, with a capital of 25 billion rubles, and thus are under the sanctions is Bank Rossiya of Yuri Kovalchuk, and SMP Bank Arkady and Boris Rotenberg. Kovalchuk and the Rotenberg part of the “inner circle” of Russian President Vladimir Putin. He publicly called them his “good friends, friends”.
A source close to the Finance Ministry, confirms that the inclusion in the draft resolution of sanctions to banks is because these banks need support due to the restrictive measures of the USA and the EU. Such banks should contact the government, which will consider the request and take a decision, says the source.
The Bank “Russia” and SMP Bank, as well as their main shareholders were hit by sanctions in 2014 in connection with the annexation of Crimea to Russia. Payment systems VISA and MasterCard in response to sanctions refused to serve the card transactions of these banks.
The U.S. Treasury Department calls Yuriy Kovalchuk as “the personal banker” to senior Russian officials, including Vladimir Putin.
After the introduction of sanctions, Putin ordered to transfer his wages to Bank Rossiya.
