Russia allows sanctioned banks to classify top managers, reports

MOSCOW, Nov 27 (PRIME) -- The government has allowed the Russian banks that were hit by the Western sanctions not to disclose financial reports and classify their supervisory and management boards, according to the rulings published on the government’s website on Tuesday.

The measures aim to protect interests of Russian banks and non-banking credit institutions, as well as to counteract “the illegal sanction pressure.”

In August, the E.U. introduced a new round of sectorial restrictions against Russia by restricting access of state-controlled banks – Sberbank, VTB Bank, Gazprombank, Russian Agricultural Bank, and Vnesheconombank (VEB) – to European financial markets. In September, the U.S. introduced similar restrictions against the same banks.

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