Russia's Central Bank Asks Financial Institutions Not to Publish Records

The Russian Central Bank has asked banks to stop publishing their financial performance records due to Western sanctions imposed after the operation in Ukraine threatening to destroy the banking sector and people's savings.

Some of Russia's largest banks have been excluded from the global SWIFT financial system, limiting their ability to transact abroad. The Russian currency collapsed and restrictions were imposed on currency purchases to support the ruble.

"The Bank of Russia has taken a decision to temporarily limit the volume of credit institutions' publication of budgets on their websites and on the website of the Bank of Russia," the Central Bank of Russia said.

It added, "It is about reducing the risks that credit institutions are exposed to due to sanctions from Western countries."

These institutions will continue to submit their balance sheets to the central bank, but they will no longer be made public.

The Russian authorities are intensifying measures to limit capital flight and prevent the population from acting under the influence of panic, if the banks run out of liquidity.

A large number of Russians withdrew their savings from their bank accounts, as revealed by queues in front of banks and ATMs at the weekend, in this country that is accustomed to economic and financial crises.