he authorities have found another way to stanch the outflow of capital from Russia, which has exceeded $50 billion in the last two months. Subsidiaries of foreign banks have been issuing loans to their parent institutions for the last few months.
Kommersant has learned that the head of a number of those banks were summoned to the Central Bank over the weekend for discussions of that practice and have been threatened with deprivation of Central Bank and Russian state bank credits, as well as harsher measures. According to a source, the bankers had private meetings and each of them was told to stop practices that encouraged the outflow of capital from Russia.
Crediting by nonresident banks in September increased sharply. Raiffeisen Bank issued an extra 38.6 billion rubles in credit, and Unicreditbank issued 36.9 billion rubles more. During the same month, they decreased the credits they issued to Russian banks by 2.8 billion and 16.7 billion rubles, …