KING CANUTE:

Prime Minister Stepashin says stopping the tide of capital flight is his top priority. The Central Bank estimates that the tide ran at a billion dollars in March, up from $800 million in January…. The Central Bank revoked the operating licenses of twelve failed banks, including Menatep Bank, once one of Russia’s largest. The Central Bank will name a manager for Menatep and seek its bankruptcy and reorganization through the courts.