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Russian Central Bank takes new measures to confront sanctions

Russian Central Bank

Moscow, (Business News Report)|| The Russian Central Bank announced several decisions to counter the financial sanctions imposed by the United States and Europe on Russia.

The Russian Central Ban said that it would temporarily reduce the financial results that banks must publish on their websites and on the bank’s website.

The bank explained that this would reduce the risks of the broad sanctions that were imposed on the Russian bear.

According Interfax , starting with the financial statements for the month of February, Russian banks will no longer be obligated to publish their financial statements in accordance with Russian Accounting Standards, whether individual or combined.

However, banks still have to send data to the Central Bank which will effectively supervise their activities and analyze the conditions of the banking sector. The Central Bank added that banks can disclose their financial results to other banks within the framework of normal business operations.

Russia’s Sberbank, which has been targeted by Western sanctions, had already refused to disclose its results for February in accordance with Russian Accounting Standards, which were due to be published yesterday.

MasterCard announced the suspension of its bank card services in Russia.

Meanwhile, Visa said that it intends to suspend its services in the country within days, due to the Russian-Ukrainian war, and that it will work with its customers and partners to stop all transactions in Russia in the coming days. The company said in a statement that Visa cards issued by financial institutions outside Russia will no longer work in Russia.

For its part, the Russian Central Bank announced that Visa and MasterCard cards issued by Russian banks will continue to operate inside the country.

For its part, Sberbank, the largest Russian bank, announced in a statement that its Visa and MasterCard cards are still supported in Russia.

The bank also added that “it will be possible to carry out transactions on the territory of Russia, such as withdrawing cash, making money transfers with a card number, and paying in all online and offline stores.”

Russia suffers from extensive financial and economic sanctions due to the Russian invasion of Ukraine.


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