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The trouble with Russia's banks

Rebecca Zisser / Axios

The Central Bank of Russia agreed to bail out B&N Bank, one of the top five lenders in Russia, according to Bloomberg. This follows the nation's biggest ever banking collapse in the country — the central bank recently took over Russia's largest private lender, Otkritie, after it became clear Otkritie was manipulating the market price of its bonds and falsifying its financials, per FT. Since then, Russian state-run corporations have been withdrawing billions from Russia's private lenders.

It's not an isolated incident: Since 2013, Russia's central bank has shut down more than 300 insolvent lenders. That's more than a third of Russian banks, per Bloomberg.