Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2023
International sanctions related to Russia’s invasion of Ukraine
Uralsib was sanctioned by the United States, United Kingdom and Canada. The measures were connected to Russia’s invasion of Ukraine and, in the United Kingdom, were later expanded to prohibit correspondent-banking relationships.
2015
Management and solvency crisis
Public reporting described Uralsib as suffering from mismanagement and approaching bankruptcy, with a risk that its banking licence could be revoked. The crisis led to Nikolai Tsvetkov’s departure, a change in controlling ownership and a government-supported stabilization plan.
2015
Controversial management practices under Nikolai Tsvetkov
Reports about the bank’s former chairman described the use of New Age management practices, including requiring employees to read self-help literature and using spiritual seminars in promotion decisions. These accounts became part of the criticism surrounding the bank’s management culture.