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Russian regulator revokes 3 licenses, issues moratorium on Peresvet Bank claims

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Russian regulator revokes 3 licenses, issues moratorium on Peresvet Bank claims

The Central Bank of the Russian Federation revoked the banking licenses of COMMERCIAL BANK Talmenka-bank (LLC), OAO Novatsiya Bank and Siberian Bank Sirius LLC.

The regulator said the three lenders did not set aside sufficient loan-loss provisions to offset risks. Novatsiya Bank was also not able to settle financial obligations due to the loss of liquidity, while Talmenka Bank and Siberian Bank Sirius failed to comply with Russian legislation aimed at preventing money laundering and financing of terrorism.

All three lenders were placed into provisional administration until the appointment of a receiver or a liquidator. Novatsiya Bank and Talmenka Bank are members of the Russian deposit insurance system, and retail deposit holders will receive compensation of up to 1.4 million Russian rubles each.

The central bank also imposed a new three-month moratorium on satisfying claims of creditors of JSCB for Charity and Spiritual Dev of Fatherland PERESVET. The first moratorium, also valid for three months, was introduced in October 2016.

As of Jan. 20, US$1 was equivalent to 59.81 Russian rubles.