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. Last Updated: 07/27/2016

Regulators Halt Banks' Payouts




Banking regulators Monday said they put moratoriums on payments to creditors by two major troubled banks, SBS-Agro and Rossiisky Kredit, which are being considered for restructuring.


Many banks hit by last year's ruble devaluation selectively repaid obligations, leading to unequal treatment of creditors, a practice regulators want stopped.


The Central Bank said it had extended on Friday until Nov. 7 a moratorium on payments by SBS-Agro. The moratorium, originally imposed in August 1998, had been due to expire Saturday.


Banking restructuring agency ARKO said that its plan to revamp SBS, which was due to be announced Monday, would be unveiled in about two weeks.


ARKO also said that it had control of a 50 percent share stake in Rossiisky Kredit and had imposed a moratorium on obligations accumulated before the agency took control.


Rossiisky Kredit will send proposals on an amicable agreement to creditors within 30 days.