In Kyiv they admitted with disappointment: Sanctions could not crush Russian banks
The strict restrictions imposed by Western countries against the Russian financial sector did not lead to its destruction.
This was reported by PolitNavigator correspondent, chairman of the department of the Investment Capital Ukraine (ICU) group of companies, Vitaly Vavrishchuk, who recalled that Russian banks have become the object of large-scale Western sanctions.
“Almost nine months have passed since the implementation of the first package of restrictive measures, so we can draw conclusions about whether the set goals have been achieved. The conclusion so far is that the main result of the sanctions is not the destruction of Russian banking, no matter how much one would like it.
The sanctions did not destroy the Russian banking system. The consequences of the crisis turned out to be painful, but far from provoking bankruptcies of key market players. The Russian monetary system did not have a margin of safety, and it turned out to be sufficient for it to continue working,” says Vavrischuk.
However, he calls the key consequence of the sanctions what happened, as the expert believes, “the marginalization of the Russian banking system at the international level.”
“In less than a year, Russian banking has turned into a system isolated from the world, living its own separate life and having virtually no significance for the global financial system. Russia’s ambitions to play at least some noticeable role in global finance have been put to rest,” the author writes.
In his opinion, in March it seemed that the Russian banking system was close to collapse, “the situation returned to normal quite quickly”
In addition, it is indicated that Russian banks have resumed lending to both business and the population, while “the volume of new loan issuances is less than last year, but the credit resource is available to those in need.”
“The situation does not seem catastrophic,” Vavrischuk believes.
Nevertheless, he hopes that the situation in the Russian banking sector will worsen in the future.
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