Consular assistance in Russia

Russia is currently at war in Ukraine. Are you in Russia and need consular assistance? Find your country’s embassy in Russia on EmbassyPages.

Home News Russia to pay record $800 mn to savers in collapsed bank

Russia to pay record $800 mn to savers in collapsed bank

Published on 22/05/2015

Depositors in a Russian bank that collapsed due to the economic crisis will receive a record insurance payout of nearly 40 billion rubles ($800 million), an official said Friday.

The total paid out to account holders at Transportny Bank “will be close to 40 billion rubles”, said Andrei Melnikov, the deputy director of the Deposit Insurance Agency state corporation, quoted by Russian news agencies.

Transportny bank is a medium-sized bank, only the 103rd largest in the country, but its failure is the costliest ever for the state corporation that insures deposits.

Russia has sought to recapitalise the banking system rocked by December’s plunge in the value of the ruble due to falling oil prices and Western sanctions over Ukraine.

The central bank has bailed out larger troubled banks such as Trust Bank, which was given an injection of 127 billion rubles in December.

VTB, the country’s second biggest lender, this week said that it made a loss of 18.3 billion rubles in the first quarter.