Currently, Russian occupiers fighting against Ukraine can receive payments from almost 80 banks of the Russian Federation.

Against the background of the full-scale Russian invasion of Ukraine, the Ministry of Defense of the aggressor country has developed a bill proposing to change the system of payments to the military.

As the Russian RBC reports, the department wants to reduce the list of banks from which the military can receive payments.

The document was approved at a meeting of the government commission on legislative activity. Currently, Russian occupiers fighting against Ukraine can receive payments from almost 80 banks of the Russian Federation, including banks with foreign capital.

As follows from the explanatory note to the draft law, such a number of banks “may lead to third parties gaining access to the personal data of the military, as well as to information about the location of the Ministry of Defense institutions.”

According to the draft law, the Ministry of Defense proposes to allow military payments only to field institutions of the Central Bank and credit organizations, the list of which will be approved by the government of the occupying country.

Selected banks must also have a license for work related to state secrets. The new system of payments will apply to financial support, wages and other payments to military, federal civil servants and employees of the Russian army.

The war in Ukraine and the collapse of the Russian economy:

After Russia’s invasion of Ukraine, S&P downgraded Russia’s credit rating from BB+ to CCC-. On March 8, 2022, S&P lowered the credit ratings of 52 Russian companies.

On June 27, 2022, Russia declared sovereign debt default for the first time in a hundred years.

On June 30, the rapid decline of Gazprom shares began. On the same day, following Gazprom, the shares of the largest Russian companies began to fall. The war in Ukraine set Russia’s economy back for four years in just one quarter. The invasion was the cause of one of the longest recessions in the history of the Russian Federation.

As of August 31, 80% of Russians had no savings.

According to the results of September, Russia’s income from oil exports decreased to $15.3 billion, which was the lowest figure in 2022 against the background of falling oil exports and oil prices.

On December 5, 2022, EU oil sanctions against Russia entered into force. The price ceiling means that from December 5, the 27 EU countries, the UK, the US, Canada, Japan and Australia will provide services related to Russian tanker oil only if it is purchased at or below a set ceiling price.

From February 5, 2023, the purchase of Russian oil products will also be prohibited.

As of December 19, 2022, Russian stocks showed the world’s largest annual decline.