Bank of Russia Loses Two Deputy Governors in Major Shake-Up

(Bloomberg) -- The Bank of Russia announced its biggest reorganization of top officials in years, including the departure of First Deputy Governor Sergey Shvetsov.

Shvetsov, who oversaw financial markets and ESG regulation, will leave on March 21, according to a statement Friday from the central bank which also announced that Deputy Governor Dmitry Skobelkin will depart on Jan. 25. Both were members of the bank’s key-rate setting board. 

Shvetsov will become chairman of the supervisory board at Moscow Exchange, the Interfax news service reported Friday, citing a person familiar that it didn’t identify.

The bank will promote Deputy Governor Vladimir Chistyukhin to first deputy governor overseeing strategic development of financial markets. 

Philipp Gabunia will be elevated to deputy governor from insurance market director and will be responsible for insurance and microlending issues, according to the bank. Deposit Insurance Agency head Yuri Isayev will become deputy governor, overseeing financial supervision, the bank said. 

When Bank of Russia Governor Elvira Nabiullina began a purge of lenders in 2014, revoking the licenses of hundreds of banks, one of Isayev’s deputies at the agency quit and left Russia after being accused of corruption.

The last major staff change at the regulator took place in 2018 when Alexey Zabotkin was named deputy governor and joined the Bank of Russia’s monetary policy department from VTB Group.

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