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Cold wars in Russian banks

Russia claims that it’s had little impact from the
financial crisis, with banks growing at double digits and the Kremlin’s coffers
remaining strong.

This week Anna Smolchenko, a reporter with the
Moscow Times,
writes that Prime Minister Putin states: “On the whole,
our economy is well enough prepared for long-lasting external shocks … the
Russian government is seeking answers to these global challenges and finding

And yet, on 9th October, the same reporter wrote: “As a wave of grim news
swept in from global markets Monday, the MICEX halted trading a record three
times, while the RTS shut down twice. The day still ended in a bloodbath, with
both indexes plummeting about 19 percent.”

Russia was also in meltdown
but the government is not reporting any of this, she writes, with the view that
“if it’s not reported, then it did not happen”.

more …

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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