In spite of the policy on «clearance» of the banking sector from shady credit organizations, carried out by the Central Bank, and weak enough macroeconomic indicators of the beginning of the year, the banking sector presents double-digit growth rates.

Events in the Ukraine also have their impact on the banking community. Sanctions, introduced by the USA toward a number of the largest credit institutions (Bank Rossiya, Gazprombank), which also forbid them to take on credits in the west, have led to consolidation of their assets and guarantees of support of the state. Increased worries of the public toward depreciation rates of the national currency have initiated a substantial growth of mortgage lending.

There are 821 operating banks in Russia (except non-banking credit companies and banks with revoked license) as of the 1st July 2014. The sum of their assets has reached 60 096 433,1 mln RUB, what is by 19% more than the similar period of the previous year (50 521 972,9 mln RUB). Besides 429 of them are registered in Moscow with total assets 47 329 535,7 mln RUB, or 78,8% of assets of all banking sector of the country. This fact points to over-centralization of financial flows in the capital. The Assets of Saint-Petersburg banks – next region on this indicator - 7 832 354,0 mln RUB, or 13% from all assets. Regional banks accumulate only 8,2% of assets.

Except centralization, the banking sector of Russia is characterized by a high concentration level – 78,5% of assets are accounted for the first TOP-30 banks, besides the leader’s share – of the Savings Bank of Russia – is 29,7%.

Among TOP-30 for the expired year following banks have increased their assets most of all: Natsionalny Kliringovy Tsentr (+268,7%), FK Otkrytie (+45,1%), VTB 24 (+35,9%), however MDM Bank, Uralsib and KHKF Bank have decreased their assets by 2,5%, 13,5% and 14,5% respectively.

Financial result of activity – the sum of net profit (loss) after taxation – is extremely non-uniform in the banking sector, Sberbank Rossii (the Savings Bank of Russia) has fixed the decrease of profit by 2,8% up to 186 416 mln RUB, what hadn’t prevented it from remaining a leader also on this indicator, on the other hand Bank Moskvy (Bank of Moscow) has increased profit by 653,9% up to 12 437 mln RUB.

The total capital of 821 banks of Russia as of the 1st July 2014 has reached 6 931 101,3 mln RUB, what is by 11,9% more than the similar value of the previous year. Among TOP-30 following banks had been most of all successful in increasing of the capital: Natsionalny Kliringovy Tsentr (+102,6%), Binbank (+35,9%) and VTB 24 (+31,6%).

Processes, occurring inside the country, as well as deteriorating geopolitical environment, leads to that we observe a new restructuring of the banking sector. Shady credit organizations, which do not comply with standards of the Central bank and conduct illegal money-laundering transactions, withdraw from the market. Forming Eurasian Economic Union will open up new possibilities for our financial institutions for business operations in Belorussia and Kazakhstan. Creation of the national payment system should lead to that banks will emit and serve domestic bank cards inside the country, what, anyway, will expand their business.

Starting from 1 July 2014 banks are required to inform tax authorities about opening and closing of individuals’ deposits, cash flow, changes of corporate details. Up to now credit institutions reported to tax authorities data about opened accounts of legal entities and individual entrepreneurs.

Besides, the company or individual won’t be able to open new account or banking card if they have even one blocked account; the Federal Tax Service will inform banks about this. Also from 1 July, the tax authorities will be entitled to require information about existence of accounts and their balances even outside of tax audits.

All these measures are primarily directed on reduction of tax offenses and increase of tax collecting.

In this connection, the danger of different law-enforcement practice of new norms is appearing. This might influence deterioration of business climate: fiscal authorities may close the account because of late tax payment. The question how legal entities or individual entrepreneurs will make payments under current contracts and liabilities if they can’t open new account in a bank - is still open.

Besides, tax specialists may have questions to individual about the origin of money, if his/her banking cards show significant regular sums (non-wage), but thus he/she is not registered as individual entrepreneur. In such case The Federal Tax Service may impose on these revenues 13% of personal income tax, and also add penalties for business activity without registration, tax evasion and failure to submit reports.

On the other hand, if men observe the law and meet their obligations on time - no problems will arise.