Russian Banks Back Hard-Hit Businesses Amid Drone Strikes

The Russian central bank has urged lenders to assist businesses hit by Ukrainian drone attacks. Wildberries, an e-commerce platform, has reported attacks on 20 warehouses. Sberbank and VTB are prepared to help affected enterprises with loan restructuring; around 2,000 requests have been received.

The Russian central bank has issued advice to creditors, urging them to support businesses impacted by Ukrainian drone strikes targeting logistics centres and warehouses. The directive was disclosed in a letter released on Monday.

Since July 18, Ukraine has attacked at least 20 warehouses belonging to Russian e-commerce giant Wildberries. Small and medium-sized enterprises that suffered due to these terrorist acts affecting logistics, manufacturing facilities, and other premises are now eligible to seek loan restructuring, as highlighted by the regulator.

Sberbank and VTB, two prominent Russian financial institutions, along with Wildberries Bank, owned by the retailer, have declared their readiness to support these businesses. Already, Sberbank has processed around 2,000 applications for loan restructuring, according to senior executive Sergei Melamed.