The Moscow VIP Bank is selling the Electronic Clearing House which services the VMT money transfer system to Moscow’s INCREDBANK. In the meanwhile, several banks at once reported about Central Bank of Russia’s restrictions on certain VIP Bank transactions. A VIP Bank representative said that the bank opened no accounts to clients. A well-informed source said that a six-month ban was also imposed on conversion and credit bank transactions.
Source: VEDOMOSTI, June 2, 2006
