Rosneft and Sistema Moving Toward Settlement

Russian business daily Kommersant reports that the Arbitration Court of the Russian Republic Bashkortostan postponed the hearings on Rosneft’s claim against Sistema for 131.6 billion rubles (USD 2.3 billion) in dividends that Sistema collected as the owner of a regional oil company Bashneft before it was sequestrated and resold to Rosneft in 2016. As the courts had…

Still Too Many Banks in Russia, Fitch Agency Says

Russian news agency Rosbalt quotes the Director of the Financial Institutions Analyst Department with Fitch Dmitry Vasilyev who stated that the number of banks in Russia remains too high even after the Central Bank’s recent cleanup. The number of banks was reduced from over 1,000 to approximately 600 within the last couple of years, Vasilyev…