In ACRE I think the likely sanctions against PSB

© RIA Novosti / Vladimir Astapkovich in photobacteria terminal in the office PSB. Archival photoIn ACRE I think the likely sanctions against PSB© RIA Novosti / Vladimir Astapkovich the image Bank

The situation of PSB in the near future will remain stable, but future changes in its status will increase the risk of introduction of Western sanctions against the credit institution, told RIA Novosti Deputy Director of group Finance ACRES Valery Piven.

The Finance Ministry on Thursday said that the Cabinet decided on the establishment of a reference Bank to implement the operations for defense procurement and major government contracts. And earlier today, Finance Minister Anton Siluanov told reporters that such credit institution will be established on the basis of PSB, which will be headed by the current head of the Russian export centre (REC) Petr Fradkov.

«In the near future the situation will remain stable. The Bank is under the effective control of the state, some new risks will arise. More profound change will occur as the development of new strategies and changing customer base», says Piven.

According to him, the customer behavior will be largely related to sanctions risk, and the changes that will occur in the Bank’s development strategy.

«The changes that will probably occur in the PSB, will increase the risk of the imposition of sanctions, which may adversely affect the willingness of counterparties, in particular, can open accounts and work with him on the same principles which apply to other banks,» explained Piven.

«On the other hand, the General orientation of a credit institution to work with the defense order can do for her building relationships with traditional customers impractical. Most likely, the decision about the direction of funds and other services will be strictly regulated, making it impossible, for example, the loan for the borrower «from outside», he concluded.