RUSSIA: Vladimir CHISTYUKHIN appointed First Deputy Chairman of the Bank of Russia

17 January 2022 — Marina MAGNAVAL
First Deputy Chairman of the Bank of Russia Sergey SHVETSOV decided to leave his post on March 21, 2022, ASN reports with reference to the press service of the regulator.

Vladimir CHISTYUKHIN has been appointed First Deputy Chairman of the Bank of Russia since January 17, 2022. In this position, he will oversee the work of the Department for the Strategic Development of the Financial Market, the Department for Admission and Termination of Financial Institutions, the Department for Corporate Relations, the Service for Protection of Consumer Rights and Ensuring Access to Financial Services, the Service for Risk Analysis.

From January 17, 2022, Director of the Insurance Market Department Philip GABUNIA will hold the post of Deputy Chairman of the Bank of Russia and will oversee the Insurance Market Department, the Microfinance Market Department, the Financial Market Infrastructure Department, and the Investment Financial Intermediaries Department, the press service of the Bank of Russia explained.

Elvira NABIULLINA, Chairman of the Bank of Russia, noted that Sergey SHVETSOV played a key role in creation of the mega-regulator. "It was a very difficult task: he had not only to link the Federal Service for Financial Markets to the Bank of Russia, but to form a unified management culture, unified approaches to development of financial market sectors. Sergey, who knows how to motivate employees, support initiative, and change like no one else, made a great contribution to ensuring that the banking and non-banking blocks of regulation and supervision get used to each other and interact effectively. Sergei supervised new areas for the Central Bank - consumer protection, financial inclusion, and financial literacy. He not only successfully launched new projects and areas of work, but also systematically built their work", emphasized Elvira NABIULLINA.

Ilya SMIRNOV has been appointed acting director of the insurance market department instead of Philip GABUNIIA. Previously, he was mentioned on the website of the Bank of Russia as Deputy Director of the Insurance Market Department.



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