War in Ukraine: Russian central bank asks banks not to publish their financial statements after Western sanctions

The Russian authorities are stepping up all-out measures to curb capital flight and prevent a panic movement that could seize the population.

The Russian central bank ordered on Sunday March 6 that banks no longer publish their financial statements because of Western sanctions after the invasion of Ukraine. These institutions will still have to submit their balance sheets to the central bank, but they will no longer be made public.

Some of Russia's largest banks have been cut off from the Swift international interbank system, limiting their overseas transaction capabilities. The Russian currency collapsed and restrictions on the purchase of currencies were imposed to support the ruble.

The Russian authorities are stepping up all-out measures to curb capital flight and prevent a panic that could seize the population if the banks were to run out of liquidity. Russians have withdrawn their savings from their bank accounts in large numbers, as evidenced by the queues at the beginning of the week in banks and at ATMs, in this country accustomed to economic and financial crises.