Russia's Central Bank challenges 'white list' banking privileges as unfair
Russia's Central Bank has raised concerns over unequal competition in the banking sector. Governor Elvira Nabiullina criticised the current 'white list' system, which grants only three banks—VTB, Alfa-Bank, and Promsvyazbank—special privileges during mobile internet disruptions. She argued that all licensed institutions should receive the same access to maintain fair competition.
Under the existing rules, only VTB, Alfa-Bank, and Promsvyazbank appear on the Russian Digital Ministry's 'white list'. This designation ensures their services remain operational even when mobile internet fails. Nabiullina stressed that the exclusion of other licensed banks creates an imbalance, giving the listed institutions a clear market advantage.
The Central Bank has now opened discussions with regulators to address the issue. Nabiullina's position reflects broader concerns about transparency and equal treatment within the financial sector. No further details have emerged on whether additional banks meet the exclusion criteria or how many could be affected.
The ongoing talks between the Central Bank and regulators may lead to changes in how the 'white list' operates. If expanded, more banks could retain service continuity during outages. For now, only three institutions hold this privilege, leaving others at a competitive disadvantage.
