On July 4 the Russian cabinet approved a new banking strategy to cover the development of the sector over the next four to five years.
Among other measures, the position of creditors would be improved, in the first instance, collateralized creditors. This measure is likely to refer to a strengthening of mortgage lenders’ rights to repossess property in the case of repayment default.
The government also intends to strengthen the legal rights of the central bank in liquidating banks that have had their licences removed, improve competitive mechanisms in the banking sector and simplify bank M&A activity.
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