Public Services & Utilities Support Fund, the state corporation, canceled the general agreement they had with Khanty-Mansiyskiy Bank regarding the bank deposits, the spokesperson for the fund reports.

The decision was taken because of Standard & Poor's demoting the bank’s credit rating down to В+ on April 21, 2009. Now this rating does not meet the criteria the Russian banks have to meet in order to be allowed to accept the fund’s reserves in the form of deposits.