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Banking in Russia is subject to significant regulations as banks in the Russian Federation have to meet mandatory Russian legislation requirements, and comply with numerous Bank of Russia instructions and regulations.
The modern Russian Federation inherited the Russian and central operations of the banking system of the Soviet Union, with a few big state banks (like Sberbank, Vnesheconombank, and VTB Bank).
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]
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.
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]
At the end of 2008, there were 119 million bank cards in circulation in Russia. [8]
In March 2014, amidst the annexation of Crimea by the Russian Federation, U.S. President Barack Obama announced sanctions on Rossiya Bank. International payment systems Visa Inc. and MasterCard suddenly stopped service of credit cards issued by the Rossiya Bank. Non-cash transactions of SMP Bank (owned by Rottenberg brothers) and Sobinbank (100% subsidiary of Rossiya) were also frozen. [9] Many Russian residents turned to national banks operations although they still have no doubt in reliability of foreign transnational financial institutions. [10]
Largest banks in Russia in terms of net assets (millions of rubles) as of December 2020: [11] [12]
| No. | Bank | Assets, in million rubles |
|---|---|---|
| 1 | Sberbank | 32 421 026 |
| 2 | VTB Bank | 15 813 216 |
| 3 | Gazprombank | 7 613 174 |
| 4 | Alfa-Bank | 4 229 025 |
| 5 | Rosselkhozbank | 3 539 546 |
| 6 | Credit Bank of Moscow | 2 988 171 |
| 7 | Otkritie FC Bank | 2 530 760 |
| 8 | Promsvyazbank | 2 503 499 |
| 9 | Sovcombank | 1 576 708 |
| 10 | Raiffeisenbank | 1 432 353 |
PJSC Sberbank is a Russian majority state-owned banking and financial services company headquartered in Moscow. As the Russian successor entity of the State Labor Savings Banks System of the USSR, it was called Sberbank of Russia until 2015, and in 2020 further shortened its brand to Sber. Following the termination of its operations in the European Union in the immediate aftermath of the Russian invasion of Ukraine, its international footprint is primarily in the Commonwealth of Independent States.
The Central Bank of the Russian Federation, which brands itself as Bank of Russia and is also commonly referred to in English as the Central Bank of Russia (CBR), is the central bank of the Russian Federation. The bank was established on July 13, 1990. It claims the legacy of the State Bank of the Russian Empire (1860-1920) and of the Soviet Gosbank (1921-1992), even though both institutions covered a significant larger territorial scope.
WebMoney is an online payment settlement system established in Russia in 1998. It is one of the largest electronic payments processors in Russia by number of users, with the company reporting 45 million registered accounts and 300,000 active weekly users in early 2020, and 100,000 stores accepting payments via the system. WebMoney is owned and operated by WM Transfer Ltd.
Gazprombank, or GPB (JSC), is a private-owned Russian bank, the third largest bank in the country by assets. Since November 2014, Yuri Shamalov's Gazfond is its largest shareholder. Gazprombank is one of the main channels for payments for Russian oil and gas.
Deposit Insurance Agency (DIA) is a Russian state corporation established in January 2004 to manage operation of the deposit insurance system in the Russian Federation. DIA pays insurance compensations to depositors of failed banks. DIA also exercises bankruptcy administrator functions of insolvent banks, non–governmental pension funds and insurance companies, it is responsible for resolution of banks and managing the system of guaranteeing the rights of insured persons in the mandatory pension insurance system.
Uralsib is a Russian commercial bank, headquartered in Moscow. According to Russian Forbes, as of 2022, it was one of the country's largest banks with the net asset value of approximately 530 billion rubles.
PJSC "Bank Otkritie Financial Corporation" or Otkritie FC Bank is one of Russia's largest full-service commercial banks. It has more than 440 offices of different formats in Russia. It was co-founded by Igor Finogenov, now CEO of the Eurasian Development Bank.
Russian Standard Bank is one of the largest Russian banks and the country's leading consumer lender.
Master Bank was a private bank in Moscow. As of 2012, it was the 69th largest bank in Russia. In November 2013, its bank license was withdrawn by Central Bank of Russia.
Ashot Gevorkovich Egiazaryan is a former Russian politician and businessman.
AO Raiffeisenbank is a bank in Russia, subsidiary of Raiffeisen Bank International. It is a systemically important bank in Russia, headquartered in Moscow.
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