The Bank of Russia sets the rules of cash payments, including restrictions of cash payments between legal entities, as well as calculations involving citizens associated with their business activities.
There were reports that Russian banks were also hit by this attack, though they have released statements stating that their networks were not compromised.
The economic sanctions that the U.S. and European Union imposed Tuesday against Russian banks were designed to severely punish a key part of Russia's economy.
Benczkowski was first nominated for the AAG position in June 2017, but his nomination stalled over Democratic Party concerns that he had represented a Russian bank while in private practice.
Deputy head of the main Directorate of security and information protection, Bank of Russia Artem Sychev in September last year reported that the Russian banks are exposed to cyber attacks two to three times a week.
Making matters worse, international sanctions and anemic economic growth for the past six years have meant Russians' real incomes are falling and withdrawals of hard currency from Russian banks are up sharply.
In a situation where western financial capital markets have effectively been closed to Russian banks and companies, capital inflow from the Gulf countries was considered by Russian authorities as a possible and desirable alternative.
After the October Revolution, all the banks in Russia were taken over and“nationalized” by the Bolsheviks- except one: the Petrograd branch of Rockefeller's National City Bank..
In a situation in which western financial capital markets have effectively been closed to Russian banks and companies, the capital from the Gulf countries was considered by the Russian authorities as one of the possible and desirable alternatives.
Already over 170 Russian banks and brokers across Russia are trading yuan at the Moscow Exchange where China's large state banks such as the Bank of China, ICBC, China Construction Bank and Agricultural Bank of China are represented.
The response of the Bank of Russia has been to increase by six points and half the interest rate, which is so now up to 17%, compared with 10% previously in force and far of 5.5% that prevailed at the beginning year.
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