The Russian Central Bank has asked banks to stop publishing their financial performance records due to Western sanctions imposed after the Ukraine operation threatening to destroy the banking sector and people’s savings.
Some of Russia’s largest banks have been locked out of the SWIFT global financial system, limiting their ability to transact abroad. The Russian currency collapsed and restrictions were imposed on currency purchases to support the ruble.
“The Bank of Russia has taken the decision to temporarily limit the volume of publication of budgets of credit institutions on their websites and on the website of the Bank of Russia,” the Central Bank of Russia said.
He added: “It is about reducing the risks that credit institutions are exposed to due to sanctions from Western countries.”
These institutions will continue to submit their balance sheets to the central bank, but they will no longer be made public.
The Russian authorities are stepping up measures to limit capital flight and prevent the population from acting out of panic, if the banks were to run out of liquidity.
Large numbers of Russians withdrew their savings from their bank accounts, as queues outside banks and ATMs revealed over the weekend in a country accustomed to economic and financial crises.