IMF recommends to continue cleanup of Russia's banking sector

The International Monetary Fund (IMF) staff team said the cleanup of Russia's banking sector needs to be completed, the authorities also need to continue strengthening bank supervision and regulation. 

According to the findings of IMF staff at the end of an official staff's visit to Russia, this should include "reducing lending concentration and related-party loans; strengthening the ongoing process of asset quality review analysis; and fully implementing Basel III regulatory standards as scheduled."

The IMF staff said that additional measures to "curb unsecured consumer lending" may be needed.