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Bank Rossiya Booming amidst Sanctions Print E-mail
by Tom McGregor    Mon, Apr 14, 2014, 11:29 PM

Russia-based Bank Rossiya is enjoying robust business despite Obama-led sanctions.

According to the Moscow Times, "Bank Rossiya, sanctioned by the U.S. last month for being the financier of the Russian elite, has been granted the right to service payments on Russia's $36 billion wholesale electricity market. The market regulator gave the bank the role in a board meeting on April 10, taking the job away from Alfa Bank, which has serviced the domestic electricity market since 2008, Kommersant reported. The appointment will boost Bank Rossiya's turnover by 10 percent and give it additional revenue of about 4 billion rubles ($112 million) annually from commission charges, analysts estimated."

As Bank Rossiya handles all domestic electricty bills transactions, it would not need to exchange currency.

As reported by the Moscow Times, "Both Bank Rossiya and its principal shareholder, billionaire Yury Kovalchuk, were placed on the U.S.' sanctions list on March 20, two days after President Vladimir Putin announced that Crimea would be annexed to Russia from Ukraine following a referendum branded illegitimate by Western nations. Bank Rossiya was labeled "the personal bank for senior officials of the Russian Federation" by the U.S. Treasury, while Kovalchuk, a friend of Putin's since the 1990s with a fortune of $1.1 billion, according to Forbes, was described as one of Putin's "cashiers."

Russian President Vladimir Putin opened an account at Bank Rossiya after the bank was sanctioned on March 21.

To read the entire article from the Moscow Times, link here:

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