Russia » Economics
Author`s name Timothy Bancroft-Hinchey

Sberbank not to be privatized before 2008

Russia's largest bank, state-controlled Sberbank, is unlikely to be fully privatized before 2008, Central Bank Chairman Sergey Ignatyev was quoted as saying. Sberbank, in which the Central Bank holds a 60 percent stake, holds about 70 percent of household deposits because they are guaranteed by the government. Deposits in other banks have no guarantees at all. But Sberbank will lose its government guarantees in 2007, the Russia Journal reported.

In response to the unlawful December 1 arrest and detention of Chinese tech giant Huawei's chief financial officer Sabrina Meng Wanzhou by Canadian authorities in Vancouver at the behest of the Trump regime, facing possible unacceptable extradition to the US, Beijing warned its high-tech personnel last month against traveling to America unless it's essential.

China Warns Against Travel to US and Canada