Nabiullina says Central Bank has no authority to freeze deposits

The Central Bank (CB) of Russia does not have the authority to freeze deposits and does not need it. This was stated by the head of the regulator Elvira Nabiullina on Friday, February 14.

"The Bank of Russia has no such powers under the law. No. And besides, these powers are absolutely unnecessary," she said during a press conference.

In addition, according to the Central Bank head, talk of freezing deposits is nonsense, Gazeta.Ru added.

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Last November, Nabiullina also said that talks about freezing deposits in Russian banks are nonsense. According to her, banks pay interest on deposits at the expense of interest on loans, as they are always higher than deposit rates.