Russia’s Banking Crisis Indicates Deep Rot

Since Elvira Nabiullina became chairwoman of the Central Bank of Russia (CBR) in 2014, it has closed or taken over more than 300 out of 800 banks. Nabiullina has won great accolades for her forceful actions to clean up the substandard Russian banking system, but three bank closures in the third quarter have shaken this impression.

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Photo: Reuters