Russia’s banks lost a combined 1.5 trillion rubles ($24.95 billion) in the first six months of 2022, a top official at Russia’s central bank said on Friday in an interview with the RBC business daily. It is the first time the regulator has disclosed banking sector earnings since Russia sent troops into Ukraine in February….
Russian Banks Lost $25 Billion in First Half, Central Bank Tells RBC
Authorities Freeze Bank Accounts in Several Chinese Cities
News Analysis Many banking customers in China’s Shenzhen city took to social media earlier this month, claiming they couldn’t withdraw cash or transfer money because their accounts were frozen. Chinese media reported that banks collaborated with authorities to freeze bank accounts. Moreover, a financial expert believes Beijing’s real intention is to prevent capital outflow. According to…
Archegos Tried to Lull Banks Before $36 Billion Firm Collapsed: Prosecutors
NEW YORK—Archegos Capital Management LP made a last-ditch effort to falsely persuade banks its survival was not at stake in an unsuccessful bid to forestall the sudden collapse of the $36 billion private investment firm, U.S. prosecutors said. The accusation came in a 12-page letter filed on Thursday night in Manhattan federal court, where Archegos’…
Savings Are Slowly Dripping Away as Deposit Interest Lags Far Behind Inflation
The savings accounts of Canadians have sprung a leak. As inflation tops eight percent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one percent, haven’t kept up. “They will lose money. The value of…
EU Edges Closer to Ending ‘Too-Big-to-Fail’ Banks by 2024
LONDON—The European Union’s body for dismantling failed banks said on Wednesday it would ratchet up pressure on lenders over the coming months to bolster their defenses so that none remain “too big to fail” by January 2024. The Single Resolution Board (SRB), in its first “heat map” on progress in preventing failing banks from needing…
Chinese Banks Freeze Billions in Deposits: Officials Use Health QR Code to Bar Protestors
June 15, 2022
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Chinese local banks are freezing deposits. Protestors cannot go near banks as their health app for COVID-19 turns red. Authorities provided no explanation. China has recently escalated aggression regarding Taiwan. What can the United States do? More importantly, what must the United States do domestically to strengthen its foreign policy abroad? I spoke with Kelly…
Russian Central Bank to Scrutinize Banks’ Plans for Fees on Foreign Currency Accounts
Russia’s central bank said on Friday it would study the legality of plans by some banks to impose fees on foreign currency accounts, warning that lenders should not worsen conditions for existing clients. Some major Russian banks plan to charge fees on retail accounts in dollars and euros after authorities floated the idea of negative…
Bank Chiefs Should Face Jail Time for Money Laundering, Say UK MPs
A cross-party group of MPs has urged the government to introduce legislation that would put bank executives behind bars if they allowed or encouraged money laundering. Parliament rushed through the Economic Crime (Transparency and Enforcement) Act in March in an attempt to deprive Russian oligarchs with ties to President Vladimir Putin of their UK-based wealth,…
Russia Says It Will Not Disclose Banks Linked to SWIFT Alternative: Report
Russia’s central bank announced Tuesday that it would no longer disclose the names of banks that use its alternative to the SWIFT payment system. The move comes after several Russian banks were banned from SWIFT—the cross-border payment system operator—as part of measures that came in response to President Vladimir Putin’s invasion of neighboring Ukraine, which…
How US Banks Are Dipping Their Toes in the Crypto Water
April 6, 2022
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Last week, a top U.S. banking regulator warned of growing risks as banks start to capitalize on the popularity of cryptocurrencies to offer related services to clients. Here is how some of the biggest banks operating in the United States have gotten involved in crypto: Custody Services Bank of New York Mellon announced in February…
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