The Russian economy slipped 4.1 percent during the third quarter as against the drop of 4.6 percent in the second quarter. The consecutive third quarter of contraction signals recessionary situation in the Russian economy.
central bank of Russia
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The Central Bank of Russia echoed its statement that the Ruble is the country's official currency, and being a money substitute, Bitcoin is now banned because it is reportedly used in illegal activities.
Investbank, Smolenksy and Project Finance Bank had been stripped off of their operating licenses due to dubious activity and payment issues with creditors and depositors, the Russian central bank said in separate statements on Friday.
The shutdown of Russian bank Master Bank was the central bank's most high-profile move yet under the leadership of Russia's first female governor Elvira Nabiullina.
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