Monday, March 2

Economy

More of Russia’s super-rich are keeping their money at home, driving “unprecedented” growth in the private banking sector, new research shows. The number of high-net-worth individuals (HNWI) holding assets worth over 100 million rubles (roughly $1 million) in Russian banks jumped by 50% last year compared to 2022, leading banking consultancy Frank RG reported on Tuesday.

Russian President Vladimir Putin has granted American Express bank the right to “voluntary liquidate” its business in Russia, according to a document published on the portal of legal acts on Wednesday.

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