CBR: number of requests for transfer of loans by Russian borrowers from foreign creditors to Russian ones approved

MOSCOW. April 5 (Interfax) - A number of requests for the ceding of debts of Russian borrowers from foreign creditors in favor of banks in Russia have been approved, deputy Central Bank of Russia (CBR) Governor Olga Polyakova told reporters in the State Duma.

"There were requests to acquire claims from foreign creditors by our Russian banks. Such decisions were made, yes," she said.

"When such a decision is made, it takes into account the interests of absolutely everyone: last of all the foreign lender, first of all the Russian borrower. If the Russian borrower agrees that a change in the lender and the conditions offered by the Russian lender are more favorable than those of the foreign lender, then the commission [a subcommittee of the Government Commission on Monitoring Foreign Investment] makes a positive decision, taking into account primarily the interest of our Russian borrower." Polyakova said.

She added that no new applications from foreign entities for the sale of subsidiary banks in Russia have been received. "If a subsidiary is 100% owned by a foreign bank, then such decisions are made only by the president. This is not within the competence of the government subcommission," the Central Bank deputy governor explained.

Russian President Vladimir Putin at the end of October 2022 approved a list of lenders from which "unfriendly" nonresidents can only withdraw by special permission. In total, there are 45 positions on the list.

Furthermore, none of the foreign participants have declared their intention to surrender their banking license in Russia, Polyakova said.