#Promsvyazbank

[mariacallous]

Experts in Moldova have welcomed the move by private banks to get in line with international sanctions against Russia, after all banks in the country by Friday had stopped collaborating with the Russian Zolotaya Korona [Golden Crown] money transfer system, which had been the only remaining way to transfer money between Moldova and Russia.

“These banks made an risk assessment and decided that it was right time to proceed this way, rather than being influenced by the Moldovan government, which has always hesitated to impose sanctions on Russia,” Veaceslav Ionita, an economic expert from the Chisinau-based think tank IDIS Viitorul, told BIRN.

But he noted that the stoppage will create big problems for Moldovans in Russia who send money back home. Ionita estimated that about 70 per cent of remittances sent home from Russia come through the banking system.

“I feel sorry for our citizens [in Russia]. There are some, by the way, who are not there as seasonal workers but for 20 or 30 years. It’s an inconvenience, but I understand that our banks have done a risk assessment and, for them, it’s [now] an inherent risk [to transfer money from Russia],” Ionita added.

Four Moldovan banks, Comertbank, Fincombank, Eurocreditbank, and Energbank, previously allowed transfers through this system. The banks did not offer an explanation for the sudden change in rules. 

But the measure comes ahead of presidential elections and a European integration referendum on October 20 and after the US imposed new sanctions on Russia over its invasion of Ukraine.

New US sanctions against Russian companies in the technology sector include the Novosibirsk-based Center of Financial Technologies, the company which developed the Zolotaya Korona money system.

Zolotaya Korona allows users to transfer instant money without opening an account and operates widely in the Commonwealth of Independent States, CIS, a bloc of former Soviet countries, and abroad.

In recent years, the number of Moldovan migrants in Russia has decreased, starting with the Coronavirus epidemic in 2020 and continuing with the Russian invasion of Ukraine in February 2022.

The exact number of Moldovan citizens still in Russia is unclear. In 2021, Moldova said it believed 354,200 Moldovan citizens were living in Russia. But experts in Russia in 2022 counted only 76,600.

The volume of remittances has also fallen sharply,, from 442 million dollars in 2022 to 188 million dollars in 2021. By then, Russia was in fourth place as a source country, after Israel, Italy and Germany.

At the same time, during that year, the average transfer increased from 326 to 693 dollars. The most recent data, for the third quarter of 2023, show that Russia’s share in the structure of remittances fell to 9.5 per cent.

Personal remittances received by Moldovan residents, from Russia, in the first quarter of 2024 totalled 435.33 million dollars, down by 6.5 per cent from the same period of the previous year. But this volume still represents 11.5 per cent of the country’s GDP.

Russian money is still coming into the Moldova’s pro-Russian Gagauzia region, however, where cards from the Russian MIR payment system are being used illegally.

The governor of Gagauzia, Evgenia Gutu, said in April that she had agreed with Russia’s Promsvyazbank that civil servants and pensioners in the region would be able to open accounts and would each receive about 2,000 lei [100 euros] per month “from our partners” via the Russian bank.

The transactions with the Russian MIR cards are being investigated by the Money Laundering Prevention and Combating Service, as well as the Combating Terrorism Service.

The governor of the National Bank of Moldova warned in June that the use of these cards, which are not accepted by the banking system of Moldova, may have criminal consequences.

MIR cards are also being used in Moldova’s breakaway Russian-controlled region of Transnistria.

[darkmaga-retard]

Putin meets with Promsvyazbank CEO Pyotr Fradkov.

Karl Sanchez

Aug 29, 2024

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Chairman of Promsvyazbank PJSC Pyotr Fradkov.

Today, Putin had a chat with Chairman of Promsvyazbank PJSC Pyotr Fradkov. The bank’s history is jaded as it was nationalized 2018 with the arrest and prosecution of its founders about which Wikipedia refuses to elaborate. I tried connecting to the bank’s homepage, but it’s blocked because it’s illegally sanctioned. The treatment it’s received by Wikipedia is odd since other Russian state-owned/Public corporations aren’t treated the same way and have an honest rendering of their history. It’s likely due to the role Promsvyazbank plays in Russia’s economy that it’s treated as it is. And just what is that role? The Kremlin’s preamble gives us a hint:

Petr Fradkov informed the President about the bank's activities in support of the state defense order, as well as working with civilian corporate clients and individuals. Special attention is paid to providing financial services to military personnel, military retirees and defense industry employees.

Now, let’s read the chat and find out:

[russianintelligencestargets]

Near Promsvyazbank, Frunzenskaya Naberezhnaya, 22/2, Moscow, Russia, 119146

[eclecticstarlightblogger]

Η επικεφαλής της Γκαγκαουζίας πήγε ξανά στη Μόσχα

(φωτό από τη συνάντηση της Γκούτσουλ με τον Πούτιν στο Σότσι, τον Μάρτιο) Η Ευγενία Γκούτσουλ, επικεφαλής της Αυτόνομης Περιφέρειας της Γκαγκαουζίας στη Μολδαβία, επισκέφτηκε ξανά τη Μόσχα. Αυτή τη φορά υπέγραψε συμφωνία με τη μοσχοβίτικη τράπεζα Promsvyazbank για την εφαρμογή του ρωσικού συστήματος πληρωμών «Mir» στην επικράτεια της Γκαγκαουζίας. Η Γκούτσουλ, είχε επισκεφθεί τη […] Η επικεφαλής…

[thoughtfullyblogger]

Η επικεφαλής της Γκαγκαουζίας πήγε ξανά στη Μόσχα

(φωτό από τη συνάντηση της Γκούτσουλ με τον Πούτιν στο Σότσι, τον Μάρτιο) Η Ευγενία Γκούτσουλ, επικεφαλής της Αυτόνομης Περιφέρειας της Γκαγκαουζίας στη Μολδαβία, επισκέφτηκε ξανά τη Μόσχα. Αυτή τη φορά υπέγραψε συμφωνία με τη μοσχοβίτικη τράπεζα Promsvyazbank για την εφαρμογή του ρωσικού συστήματος πληρωμών «Mir» στην επικράτεια της Γκαγκαουζίας. Η Γκούτσουλ, είχε επισκεφθεί τη […] Η επικεφαλής…

[greekblogs]

Η επικεφαλής της Γκαγκαουζίας πήγε ξανά στη Μόσχα

(φωτό από τη συνάντηση της Γκούτσουλ με τον Πούτιν στο Σότσι, τον Μάρτιο) Η Ευγενία Γκούτσουλ, επικεφαλής της Αυτόνομης Περιφέρειας της Γκαγκαουζίας στη Μολδαβία, επισκέφτηκε ξανά τη Μόσχα. Αυτή τη φορά υπέγραψε συμφωνία με τη μοσχοβίτικη τράπεζα Promsvyazbank για την εφαρμογή του ρωσικού συστήματος πληρωμών «Mir» στην επικράτεια της Γκαγκαουζίας. Η Γκούτσουλ, είχε επισκεφθεί τη […] Η επικεφαλής…

[skandaladiaplokidiafthora]

Η επικεφαλής της Γκαγκαουζίας πήγε ξανά στη Μόσχα

(φωτό από τη συνάντηση της Γκούτσουλ με τον Πούτιν στο Σότσι, τον Μάρτιο) Η Ευγενία Γκούτσουλ, επικεφαλής της Αυτόνομης Περιφέρειας της Γκαγκαουζίας στη Μολδαβία, επισκέφτηκε ξανά τη Μόσχα. Αυτή τη φορά υπέγραψε συμφωνία με τη μοσχοβίτικη τράπεζα Promsvyazbank για την εφαρμογή του ρωσικού συστήματος πληρωμών «Mir» στην επικράτεια της Γκαγκαουζίας. Η Γκούτσουλ, είχε επισκεφθεί τη […] Η επικεφαλής…

[crynotifier]

Russian Banks MTS, PSB Begin Digital Ruble Tests

Russian Banks MTS, PSB Begin Digital Ruble Tests

Source: Alexandr Blinov/Adobe

The Russian banks MTS and PSB have begun testing the digital ruble, with “entrepreneurs” using the CBDC to pay for “services.”

The nation’s Central Bank has fast-tracked its CBDC project in recent weeks, and is eyeing a 2025-2027 national rollout.

The banks, along with the likes of VTB Bank, say that their customers and employees have carried out “real-world” transactions with the coin after advanced pilots began last week.

Per Content-Review, MTS’s payment technology chief Igor Chuchkin said the bank was “delighted to be among the first Russian banks to participate in the digital ruble pilot.”

Chuchkin said:

“We plan to look into more digital ruble-related offerings that we can offer our customers in the future, and we will base these on our initial experiences during the pilot.”

Meanwhile, PSB (full name: Promsvyazbank), gave details of one of the “real-world” digital ruble transactions carried out on its platform.

Per the media outlet Argumenti i Facti, PSB this week enabled one of its clients to “open a digital wallet” and use an app-generated QR code to “successfully make a payment for services.”

The bank said the client was an entrepreneur who “works in the field of online education.”

The media outlet added:

“The entrepreneur was also able to exchange digital rubles for [conventional] rubles and vice versa via the PSB mobile app, and carried out a B2C (business-to-customer) transaction in digital rubles.”

Transaction fees using the digital ruble have been set at 0.3%, although P2P transactions can be made free of charge, the Central Bank has stated.

Russian Banks Pushing for CBDC Progress?

Some 11 other Russian banks are also testing the CBDC with a select group of their clients in almost a dozen cities nationwide.

The Central Bank says that 16 other banks, including a number of regional banks, are “ready” to “quickly” join the pilot.

But not all of the country’s biggest banks are keen on the CBDC.

The nation’s biggest banking association has called on the Central Bank to slow the pace of the pilot.

And two Russian “megabanks,” Sberbank and Tinkoff, dropped out of the pilot at the eleventh hour.

It is currently unclear if the duo will join the pilot at a later date, or if they will wait until they are legally obliged to process CBDC transactions.

Earlier this year, experts claimed commercial banks could lose $684 million a year if the Central Bank launched a CBDC.

The Information contained in or provided from or through this website is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice.

New Post has been published on https://crynotifier.com/russian-banks-mts-psb-say-customers-are-now-using-digital-ruble-htm/

[irvinenewshq]

October 24 2022 Russia-Ukraine information

Russia is bringing new navy models into Kherson because it prepares to defend town from any recent Ukrainian offensive, the pinnacle of Ukraine’s Protection Intelligence Company mentioned in an interview with Kyiv-based information web site Ukrainska Pravda. Maj. Gen. Kyrylo Budanov mentioned that, whereas Moscow was transferring injured folks, money and the Russian-installed administrative authorities and monetary establishments out of town, it was placing extra troops in. “[Russian bank] Promsvyazbank and different monetary constructions that the Russians introduced there are being taken out,” Budanov mentioned. “They’re taking out money, [internet] servers, the so-called occupation authorities … All of the non-walking, severely injured are being taken out, they’re attempting to discharge those that can stroll as quickly as potential from hospitals … They create the phantasm that every little thing is misplaced,” added Budanov. “And on the identical time, quite the opposite, they create new navy models there and put together the streets of town for protection.” Budanov mentioned Moscow was performing out of worry that Ukrainian troops may retake the crucial Kakhovka dam, which lies to the east of Kherson, and encircle its troops within the metropolis.  “They perceive that if we take no less than management over the Kakhovka dam … they must decide in a short time. Both [they will have to] very, in a short time depart town and get out, or they threat ending up in the identical scenario that our models in Mariupol discovered themselves in earlier,” he mentioned. “Understanding all this, they’re making ready the bottom in order that, if crucial, they’ll get out of there in a short time. Nevertheless, they aren’t making ready to go away now. They’re making ready to defend.” Budanov repeated allegations that the Russians had “partially mined” the dam. He mentioned he didn’t imagine Russian forces would utterly destroy it, as a result of doing so would flood a lot of the Kherson area and minimize off the water provide to annexed Crimea and the Zaporizhzhia nuclear energy plant. “In different phrases, for those who make a whole destruction, then the situation is as follows. Are they prepared for it? I don’t suppose so,” he mentioned. Originally published at Irvine News HQ

[your-dietician]

Rouble hits multi-month low past 64 vs dollar on Ukraine escalation fears

New Post has been published on https://medianwire.com/rouble-hits-multi-month-low-past-64-vs-dollar-on-ukraine-escalation-fears/

Rouble hits multi-month low past 64 vs dollar on Ukraine escalation fears

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Oct 11 (Reuters) – The Russian rouble slumped to a more than three-month low past 64 to the dollar on Tuesday, hurt by escalating geopolitical risks linked to the conflict in Ukraine and reduced supply of foreign currency among exporters.

By 1409 GMT the rouble was down 2.1% against the dollar at 64.03 , its weakest since July 7.

It had lost 2.5% to trade at 62.95 versus the euro , earlier sliding beyond the 63 mark for the first time since Aug. 11. It had shed 1.4% against the yuan to 8.78 , a near three-week low.

“During the session we expect continued pressure on the rouble against the backdrop of lower supply of foreign currency from exporters,” Banki.ru analyst Bogdan Zvarich said in a note.

The rouble has been supported by capital controls and a collapse in imports since Western sanctions were imposed over Russia’s actions in Ukraine and companies left the market in droves.

Addressing parliament on Tuesday, Bank of Russia Deputy Governor Alexei Zabotkin said that capital controls, which have been partially eased since Russia sent troops into Ukraine, could be brought back in full “if acute risks to financial stability materialise again”.

Already blighted by Western sanctions, Russia’s economy now faces a more self-inflicted blow, with President Vladimir Putin’s military mobilisation drive threatening to undermine productivity, demand and recovery.

Promsvyazbank analyst Yevgeny Loktyukhov pointed to escalation in Ukraine and a pullback in oil prices as a reason for the rouble’s slide.

Brent crude oil , a global benchmark for Russia’s main export, was down 2.3% at $94.0 a barrel at 1410 GMT.

Russian stock indexes, which were dragged sharply lower by Gazprom (GAZP.MM) in the previous session, were mixed.

The dollar-denominated RTS index (.IRTS) shed 1% to 954.0 points, while the rouble-based MOEX Russian index (.IMOEX) was up 1.2% at 1,939.3 points.

Excluding Gazprom, the market was gaining for the second day running, said Dmitry Skryabin, portfolio manager at Alfa Capital.

The European Union’s eighth sanctions package had turned out to be less severe than expected in terms of a ban on ferrous metals products, he added.

Reporting by Felix Light and Alexander Marrow Editing by David Goodman and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

Read the full article here

[globalbankinghouse-blog]

Is It Easy To Manipulate International Financial Systems? - Ananyev Brothers And Promsvyazbank

The simultaneous rise of information systems technology and the fall of communism throughout Eastern Europe and northern Asia in the early 1990s offered immense opportunities for ambitious and enthusiastic people. Sadly, for some people legitimate success is not enough. A case in point being Ananyev brothers- Dmitry and Alexey Ananyev.

They founded Technoserv in 1992, which became Russia’s top information technology (IT) company servicing Ministry of Interior, FSB (intel) and Russian government. Three years after that and after having become billionaires, the Ananyevs teamed with Moscow Intercity and International Telephone to establish Promsvyazbank. It was quite sensible for multi-billion-dollar corporations, particularly in unstable Russia, to create their own banking institutions. Credit unions in America are formed by corporations who wish to protect finances and wisely invest in the future of their own employees.

Promsvyazbank appeared to be a story of success for more than 25 years. Moscow Telephone in time sold off its interests, and the Ananyev brothers became leading shareholders. Promsvyazbank, along the way acquired two more banks, Vozrozhdenie and Avtoaz where Vozrozhdenie would come to play a significant role in what is now realized to be far less than legitimate business. Promsvyazbank, unfortunately was turned into a personal slush fund for the Ananyev brothers’ other financial ventures with the investors picking up the tab, and Cyprus and the Cayman Islands became off-shore tax havens.

Promsvyazbank, further shipping money overseas involved American banks of Citicorp, JP Morgan and New York Mellon. Though there’s no evidence to suspect the American banks, or even their London counterparts, of being intentionally involved in Promsvyazbank’s criminal activity. However, these banks likely contributed to the scheming through complacency or ignoring red flags. The U.S. financial collapse of 2008, the failure of Freddie Mac and Fannie Mae, and the Bernie Madoff scandal, showed that during this period of time the U.S. banking system was not aggressively protecting itself against destruction and exploitation.

The Promsvyazbank bubble broke in August 2017, until then the Ananyevs were able to keep their illegitimate activities hidden. Four months later, in December, the Central Bank of Russia (CBR) assumed administration of Promsvyazbank, and in the meantime the Ananyev brothers pulled an inside-bank heist via electronically-given loans, leaving investors with little to nothing with the money first being transferred to the less-monitored Cyprus branch of Promsvyazbank. Hundreds of credit files were removed as well.

The brothers, by involving the American and European banks in their schemes were able to provide a perception of trustworthiness. It should be noted that Russians trust Western banks more than their own, which has come back to haunt the Ananyevs as they are now subject to much stricter legal standards and investigative capabilities of Western governments.

Dmitry Ananyev, fled to Cyprus and Alexey to London and then to Austria, it only made it easier for Western governments to arrest them with there currently being legal actions against Promsvyazbank filed in the courts of Moscow, London and New York City. The sad part is these courts appear to be moving at the pace of a startled snail. Moreover, even the investigations by various authorities are incomplete, allowing for manipulation and abuse of the legal systems by the Ananyev brothers’ attorneys.

It is only Russia that appears to be ready for full prosecution with the motivation not being solely because its citizens have been hurt the most. The fall of Promsvyazbank has opened an opportunity for the government while having financially injured Russian investors. The CBR, also known as “Putin’s Bank,” by assuming administrative control of all the Ananyevs’ banking institutions is one major step closer to consolidating the Russian financial system. It allows the potential to avoid U.S. sanctions by using unlisted banks, too.

We can say that the Ananyev’s have proven how easy it is to manipulate international financial systems. A great lesson that it is, should also not be lost on the Trump administration and Congress. It necessitates tougher sanctions, tougher laws, a continually updated sanctions list and more thorough investigative oversight to prevent American financial institutions from being manipulated in the future. Fortunately, now the technology is available to monitor and implement early detection of shady financial transactions, and accountability needs to be enacted on American banks that ignore both laws and red flags.

In the same way, pressure must be imposed on countries like Austria, UK and Cyprus to limit the illegal flow of finances. All governments should be helping to recover the embezzled money and support the arrest of the brothers rather than providing sanctuary to them as what the brothers accomplished could almost be termed financial terrorism. Like terrorism, it isn’t going to be resolved until government and non-government authorities take appropriate and timely measure.

The latest money laundering scandals in Deutsche Bank, Nordea, Danske had highlighted the amounts of money which were laundered by Russian intelligence service and oligarchs. The case of Ananyevs, when properly investigated, will bring incredible intelligence as to how our critical infrastructure financial systems were captured by oligarchs, shady banks and groups associated with foreign intelligence services.

[mariacallous]

The National Bank of Moldova, BNM, told BIRN on Friday that it is working with the Prevention and Combating Money Laundering Service and other national uthorities to stop illegal financial flows from Russia and the unauthorized use of Russian card payment systems in Moldova.

The BNM added that use of Russian MIR card payment system is illegal in Moldova. It told BIRN that “financial intermediation platforms that are developing extremely quickly at the international level can, however, facilitate cross-border transfers, including some made by certain internationally sanctioned persons or entities from the Russian Federation to… Moldova”.

The bank reacted after the Municipal Council in Orhei, a district in the centre of the country, said it intended to approve several agreements with Promsvyazbank bank, a bank affiliated with the Russian Ministry of Defence and under international sanctions.

A Shor satellite party, the Alternative and Salvation Force of Moldova, FASM, which holds a majority on the council, said it wants to attract funds from Russia to grant “financial aid” to pensioners using MIR cards, which work only in Russia and are not approved by the National Bank of Moldova.

Through these agreements, Shor’s party claims it can give pensioners in the municipality 2,000 lei per month [about 100 euros] for “philanthropic and sponsorship” purposes.

The Eurasia organisation will allocate the money through Promsvyazbank. Eurasia is an organisation created in Russia by Shor’s aides whose purpose, the Moldovan authorities say, is to derail the country’s European course.

The National Bank has warned that such transactions fall under legislation regarding the prevention and combating of money laundering and those regarding the application of international restrictive measures.

“As such, the licensed banks have been warned about the need to maintain a vigilant regime of activity and to apply all due diligence measures to prevent the risks of banks’ involvement in illegal financing schemes, including money laundering and financing schemes of terrorism,” the BNM added.

The BNM’s governor, Anca Dragu, has further specified that citizens who use MIR cards can be held criminally liable.

“Using illegal means of payment, illegal money, has criminal consequences. People should know about this. These facts are being investigated by specialized services for combating money laundering and terrorism,” Dragu said in an interview with Realitatea TV.

Shor used such a scheme of payments to pensioners last year to sway the election of the new governor of the southern pro-Russian region of Gagauzia, and also in the local elections in November 2023.

The authorities have since filed charges of electoral bribery and election fraud by political parties affiliated with Shor. The trial is ongoing.

Shor is currently based in Moscow after receiving a 15-year sentence in April 2023 over the “Grand Theft” of one billion US dollars from three private banks in Moldova between 2012 and 2014. From Moscow, he coordinates several political parties that advocate closer links to Russia, and for Moldova to abandon its European path.

[falramentaparlament]

A Paks2-őt finanszírozó VEB orosz bank is felkerült az EU tiltólistájára a Politico szerint. Az évszázad legrosszabb üzletéből már a pénz is hiányzik. Ahogyan a társadalmi támogatás, üzleti megtérülés, törésvonal miatt a biztonsági garanciák is hányoznak. Csak Orbán és Putyin közti lánc tartja felszínen ezt a projektet.  Mindeközben a finn kormány is felülvizsgálja az agresszió miatt a saját orosz atomerőmű fejlesztését. A magyar kormány hallgat.

[ssbprep]

OPK Write-Off

President Vladimir Putin has apparently agreed to a major write-off of Russian defense industry debt. It’s a significant story not receiving much attention.

Putin with VTB chief Kostin in August 2019

The decision came in a secret presidential ukaz at the end of 2019. VTB chief Andrey Kostin broke the news in a late January interview with Rossiya 24television at the World Economic Forum in…

[russianreader]

House of Cards A disembodied hand proudly holding a Sberbank-issued Mir car. Photo courtesy of PressTV Central Bank Preparing for Cutoff of Some Banks from International Payment Systems…