EU to give EUR3.5m to improve inspection of Russian banks

The European Union will allocate EUR3.5m to implement a project aimed at inspecting Russian financial organizations, Russian Central Bank deputy head Andrey Kozlov declared at a news conference today. This is the second project within the framework of improving inspection of financial organizations financed by the EU. On the whole, the EU has invested about EUR2.6bn in Russia over the past several years.

Kozlov noted that currently 183 Russian banks calculated their financial statements according to International Accounting Standards.