Kostin spoke about the impact of US sanctions on the Russian banking sector

© RIA Novosti / Grigory to Sysoeva in Photobacterium, Chairman of the Board of VTB Bank Andrey Kostin. Archival photoKostin spoke about the impact of US sanctions on the Russian banking sector© RIA Novosti / Grigory to Sysoeva the image Bank

Russian economy to cope with external threats and internal problems, the banking sector will increase, but the new package of U.S. sanctions, adopted in August, could have unpredictable consequences, and it should be taken into account, the head of the second asset of the Russian VTB Bank Andrey Kostin.

«The Russian economy is quite cope with big challenges, and with external threats and internal problems. Overall economic growth in Russia will be, as well as the growth of the banking sector», — said Kostin, speaking at the International forum of Financial University «What will the future bring?»

However, he said that current U.S. sanctions, which were imposed limits on capital and borrowing, is already damage to the Russian banking sector and new sanctions can have unpredictable consequences, so they need to be taken into account when assessing the prospects of development of Bank sector of the Russian Federation.

The US President Donald trump on 2 August signed a law «On combating the enemies of America through sanctions» against Russia, Iran and North Korea. According to the «guidelines for the application of sanctions» from the us Department of state, at the expiration of the statutory 180-day period, that is, by the end of January 2018, the US administration will be able to apply extraterritorial U.S. sanctions against legal entities and individuals, including from third countries that cooperate with Russian organizations included in the sanctions lists.

«It is impossible to eliminate those sanctions, which the Congress announced in August… the Law is very bad, very broad, very loose. In fact its application can have any consequences, and in this respect it is, of course, a great evil. And it is impossible not to take into account when assessing the development prospects of our banking sector», — said the head of VTB.Kostin spoke about the impact of US sanctions on the Russian banking sector© Infografiken sanctions against Russia and retaliatory measures

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