Banking in Russia

1998 financial crisis

In 1988, 41 commercial and cooperative banks were registered in the USSR, including 25 banks on the territory of the RSFSR. By January the 1st, 1990, the statutes of 225 commercial and cooperative banks were registered, including 184 in 1989.^[2] In 1990, in connection with the declaration of state sovereignty by the RSFSR, the Russian Republican Bank of the State Bank of the USSR and Russian banks of specialized banks were declared the property of the RSFSR. Also, the Supreme Council of the RSFSR decided to transform all institutions of state specialized banks in the autonomous republics, territories and regions into commercial banks before January 1, 1991. In this regard, the number of banks in the RSFSR increased several times in the second half of 1990. As a result, the number of banks in the Russian Federation was 1360 on January 1, 1992.^[3]

2008 financial crisis

Beginning in early October 2008, several Russian banks failed due to liquidity issues related to US credit derivatives. Russian bank Globex barred customers from withdrawing money from their accounts on October 15, 2008, in the first bank run of the current global economic crisis.

2010s

In June 2013 Elvira Nabiullina was appointed as the chairman of the Central Bank of Russia.^[4] In an interview with television channel Channel one she said Russia's Central Bank has no blacklists of banks subject to license revocation. She added that the Central Bank will not warn any bank about such measures. She said, "As a matter of fact, no one knows who might be the next, We cannot warn anyone. Moreover, it would be wrong to do that. I know not a single country worldwide where the central banks would warn about license revocation. It is not ruled out that in case a bank is warned, a mala fide owner or managers could divert assets, making settlements with the closest clients, so a rank and file depositor will finally receive much less money".^[5]

And so, in December 2013 Central Bank of Russia revoked licenses of three commercial banks, Investbank, Smolensky Bank and the Bank of Project Finance and later then Ecoprombank, Masterbank, Simbirsk and many others.^[6] State-run Agency for deposits’ insurance paid money to clients.^{[7][needs update]}