7 Apr 2016 17:51

Transneft recognizes impairment of 19 bln rubles for accounts at insolvent banks

MOSCOW. April 7 (Interfax) - Transneft has reserved about 19 billion rubles for potential loss of deposits at banks that have had their banking licenses revoked, the oil pipeline operator said in its IFRS consolidated financials.

"The provision for impairment of other receivables is recognized for possible loss on Group's cash balances at banks where licenses were withdrawn by Bank of Russia. These amounts were presented in the consolidated statement of cash flows as Cash on accounts where operations were ceased," Transneft said.

Transneft did not specify the banks concerned.