11 Nov 2014 11:53

Central Bank of Russia allows banks not to create provisions for loans to Ukrainian cos, lent before Nov 1

MOSCOW. Nov 11 (Interfax) - The Central Bank of Russia is allowing Russian banks not to create provisions for one year under loans to companies registered in Ukraine, which were given the loan before November 1, 2014, the deputy chair of the Central Bank, Vasily Pozdyshev said at a meeting of bankers with the Central Bank administration, prepared by the Association of Russian Banks (ABR).

"Letter 190-T gives banks the opportunity to use the state of emergency regarding borrowers who are registered in Ukraine, that is, to not create provisions for the loans for one year, beginning from the date of the letter's issue," he said.

This exemption, he said, is for loans given before November 1.