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Russian banks lose $25bn
Russian banks lost a combined 1.5 trillion roubles ($25bn) in the first half of the year as western sanctions shut the country out of large parts of the global financial system.
Dmitry Tulin, first deputy chairman of Russia’s central bank, said around two-third of the losses came from foreign currency operations as lenders were blocked from trading in dollars, euros and other currencies.
He told newspaper RBC that the losses were concentrated among Russia’s “systemically important” banks, which are the largest and have higher capital adequacy requirements.
But Tulin insisted the central bank didn’t expect a repeat of the 2014-17 banking crisis, when the regulator had to bail out several lenders and stripped banking licences from hundreds of poorly capitalised banks.
It’s the first time Russia has disclosed figures for its banking sector since the invasion of Ukraine.
