Byzantium, Inc: Russian finance

Article Abstract:

Russia's central bank is investigating allegations of diversion of funds against former finance officials who are currently bank officials. Former deputy finance minister Andrei Vavilov has been accused by the governor of the central bank of diverting more than $500 mil in government funds. Uneximbank, which employs Vavilov, has been trying to wrest control of a number of profitable state enterprises, such as Gazprom and Norilsk Nickel. The extensive publicity surrounding the government allegations is seen as a message to Uneximbank to back off from the privatization deals.

Commercial Banking, State commercial banks, State Banks, Behavior, Vavilov, Andrei

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No foreigners need apply: banking in Russia

Article Abstract:

Russia's parliament passed a law restricting foreign banks from serving Russian clients just as Credit Lyonnais and three other banks were opening Moscow branches. The central bank and Pres Yeltsin may stop the law, but organized crime is also becoming a problem in the banking industry.

Foreign operations, Organized crime, Credit Lyonnais

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Of bankers and bullets: Russian banking

Article Abstract:

Russia's central bank head Sergei Dubinin has talked tough about reforming Russia's banks, but has done little. About 400 of Russia's 2,600 are in trouble from speculating against the ruble. True reform would reduce the number of Russian banks by two-thirds.

Management, Bank failures, Dubinin, Sergei

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