10 months ago
Russia’s second-largest bank’s president says by imposing sanctions connected Russia, the West has “demolished the planetary commercialized strategy and caused an ostentation surge.” Pointing to the U.S. banking situation arsenic an example, helium stressed: “This is virtually the largest fiscal and banking situation since 2008, and it is already spreading to Europe.”
’Sanctions Against Russia Are a Double-Edged Sword’
Andrey Kostin, the president of state-controlled VTB, Russia’s second-largest bank, talked astir the U.S. banking situation and the effects of Western sanctions connected Russia successful a gathering with Russian President Vladimir Putin connected Tuesday. Kostin told Putin:
We are actively creating a caller payments and settlements infrastructure involving rubles and currencies of affable states.
“We person the indispensable expertise and infrastructure for this due to the fact that we are contiguous successful large Asian countries, specified arsenic China and India, and we are contiguous successful the CIS [Commonwealth of Independent States] countries. We are truthful moving actively successful this sphere,” the VTB Bank president detailed.
Regarding the effects of U.S. sanctions connected Russia, Kostin said, “We person astir apt go somewhat immune.” He described: “Sanctions against Russia are a double-edged sword. In effect, by utilizing sanctions against Russia, the West has demolished the planetary commercialized strategy and caused an ostentation surge.” The VTB enforcement continued:
Look astatine what is present happening successful the United States. This is virtually the largest fiscal and banking situation since 2008, and it is already spreading to Europe.
“Western attempts to resoluteness this occupation by modular methods devalued slope assets, and we tin spot the effect of this,” helium opined.
The VTB president further informed Putin: “Our banking assemblage is feeling rather safe. I bash not deliberation that determination volition beryllium immoderate problems, though we incurred definite losses past twelvemonth erstwhile our spot was simply taken distant from us.”
Kostin additionally revealed: “We present person to larn to enactment successful a caller way. I judge that it is imaginable to considerably reshape the fiscal strategy successful respective years.”
The VTB Bank main added that the slope nary longer issues loans successful Western currencies, emphasizing that “it is intolerable to instrumentality retired specified loans.” He concluded:
We are expanding the ruble market, and we are starting to enactment with the yuan and different currencies. This process is going on, and I think, it is picking up pace. Today, rubles relationship for implicit 50 percent of payments and settlements with affable countries.
In June, Kostin predicted the end of the U.S. dollar dominance arsenic planetary powerfulness shifted. He expects the Chinese yuan to displace the U.S. dollar arsenic the world’s reserve currency.
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