The deputy chairman of the Central Bank of the Russian Federation is still not under sanctions. He is engaged in financing the military
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The deputy chairman of the Central Bank of Russia, Sergei Belov, still avoids sanctions from Western countries – in his current position, he is engaged in financing the military units of the occupiers.
He writes about it Bloomberg.
As Deputy Chairman of the Central Bank of the Russian Federation, Belov is responsible for the so-called “field institutions”, which actually direct funding from the state budget to combat units. Although international sanctions were imposed on most of the top officials of the Russian Federation, in particular – the head of the Central Bank, Elvir Nabiullin, Belov still avoids them.
Belov received his position in May last year. He is a graduate of the economic academy of the Ministry of Defense, and previously headed the department of the central bank of the Russian Federation in occupied Ukrainian Sevastopol.
“Field institutions” of the Central Bank of the Russian Federation carry out banking operations bypassing commercial creditors in order to avoid disclosure of state secrets. According to Russian laws, they are a branch of the military to which military statutes apply.
The Bank of Russia operates almost 90 such institutions designed to work near front-line units. They fulfill banking needs from opening a current account or processing cash withdrawals to money transfers and issuing their own payment cards.
The lower house of the Russian parliament also passed a draft law in March on the transfer of responsibility for the payment of salaries and financial support for all personnel of the armed forces to field agencies and creditors selected by the government to ensure the security of military data.
When Russia partially occupied four Ukrainian regions, “field institutions” were also tasked with managing budget resources for residents of territories occupied by the aggressor. In February, Belov also attended a meeting in occupied Mariupol regarding “the provision of financial services.”
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