Sunday 21 July 2013

Central Bank to Limit Shady Transactions | Business | The Moscow Times

Central Bank to Limit Shady Transactions | Business | The Moscow Times:

"The Central Bank is trying to limit lenders depositing money with their foreign counterparts by reclassifying the transactions as high-risk, which would make them more expensive and less attractive, Kommersant reported Friday.

A recent amendment to the instructions for the statutory requirements of banks reclassifies cross-border transactions as high risk, regardless of how reliable the foreign recipient bank is.

The reclassification focuses on transactions that require the involvement of a third party, but also operations with non-resident banks that lend to offshore companies and are then unable to return the money to the Russian bank when the debtor defaults on repayments."

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