Russian Banks To Continue Developing, Working Abroad Despite US Sanctions - VTB Bank Head

Fahad Shabbir (@FahadShabbir) Published September 03, 2018 | 04:12 PM

Russian banks will continue developing and actively working abroad despite US sanctions, Russia's VTB Bank President Andrey Kostin said on Monday.

MOSCOW (UrduPoint News / Sputnik - 03rd September, 2018) Russian banks will continue developing and actively working abroad despite US sanctions, Russia's VTB Bank President Andrey Kostin said on Monday.

"Despite geopolitics, our banking industry is alive. Our banks are developing, and despite the fact that they are probably one of the main targets of the Russophobic group in the United States, our banking development is guaranteed ... Of course, Russian banks will continue working both in Russia and abroad," Kostin said at the opening ceremony of the academic year at Moscow State Institute of International Relations.

Last week, Moody's Investors Service said that potential US sanctions against Russian state-owned banks were unlikely to cause a system-wide banking crisis in the country.

On August 8, the US administration announced new sanctions against Russia, consisting of two packages, over its alleged use of chemical weapons in the poisoning of Russian former double agent Sergei Skripal and his daughter Yulia in the UK city of Salisbury in March.

The first package of sanctions, which in particular, includes a ban on deliveries of dual-purpose electronic devices and components to Russia, took effect on August 27.

According to media reports, the second round of sanctions, expected to roll out in November, may include scaling back diplomatic relations between the two countries, suspending flights of Russian airline Aeroflot to the United States and almost completely ceasing US exports. According to the US State Department, Russia could avoid these measures by assuring it will never use chemical weapons in the future.

Russia has repeatedly denied being involved in the Skripal attack, stressing that London has neither provided evidence nor cooperated with Moscow on investigating the incident.