Sodbiznesbank depositors picket Alfa Bank, claiming Alfa Bank has misappropriated funds of Sodbiznesbank creditors.
Photo: Dmitry Lebedev, Kommerant
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How Bank Crisis of 2004 Began
In February 2004 Andrey Kozlov announced that commercial banks are planning to lash out at Central Bank.
However, Kozlov didn’t threat the banks with licenses revoking. Three months later they revoked Sodbiznesbank’s license for laundering. Four days later Zubkov said the financial intelligence suspected ten more banks of laundering. The banks stopped crediting one another and the interbank crediting was paralyzed. In the end of June, Credittrust Bank lost its license. Guta Bank was next. People started withdraw funds from the banks that stopped crediting because they had no money. Russian financial system collapsed.
All the Article in Russian as of Mar. 14, 2005
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