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Russian central bank revokes Rosenergobank's license

The Central Bank of the Russian Federation withdrew the license of Commercial bank ROSENERGOBANK (JSC), and will report irregularities discovered at the bank to the Investigative Committee of the Russian Federation for the potential launch of criminal proceedings.

The central bank said the lender failed to honor its financial obligations to creditors and submitted unreliable information about outstanding liabilities in its financial statements.

The regulator also pointed to a high-risk business model pursued by the bank, with its managers and owners reportedly involved in diverting assets from the bank through the issuance of loans to shell companies.

Following cancellation of the license, the central bank put Rosenergobank into provisional administration until the appointment of a receiver or a liquidator. The bank, ranked 92nd by assets in the Russian banking system as of March 1, is a member of the Russian deposit insurance system, and retail deposit holders will receive compensation of up to 1.4 million Russian rubles each.

As of April 10, US$1 was equivalent to 57.28 Russian rubles.