Bank Of Russia Revokes Licenses Of Three More Banks

The Bank of Russia said today it has revoked the licenses of three more lenders due to shady financial activities.

Russia’s central bank has revoked the licenses of three banks viz: Investbank, Smolensky bank and Project Finance bank.

Regulatory crackdown

According to Andrey Ostroukh of The Wall Street Journal, Russia is trying to clamp down on the shadow economy and limit capital flight by combating money laundering in the banking system, comprised of nearly a thousand lenders.

Friday’s announcement of the licenses revocation crowns a series of over two dozen bank shutdowns since Elvira Nabiullina took over the chairmanship at the...