MOSCOW, June 1 (RIA Novosti) - Russia's Central Bank said Thursday it had revoked the operating license of Petrovka Bank over breaches of banking legislation.
"The [Central Bank] has revoked the license because the bank has failed to comply with federal laws and Central Bank regulations, and has been unable to meet creditors' claims and make obligatory payments," the Central Bank's press office said.
The Central Bank said Petrovka Bank carried out highly risky credit operations, and that the bank's management bodies and partners had failed to take effective measures to bring its operations into compliance with legislation and restore its solvency.
The Central Bank has introduced temporary administration at Petrovka Bank starting June 1, the press office said.
