Economy 27-11-2018

The president of the second largest Russian bank does not expect total sanctions against Russia

Andréi Kostin, president of the Russian bank VTB, the country's second largest financial institution, does not believe that Russia faces total sanctions as it was in the case of Iran.

"The issue of possible sanctions [against Russia] is now being discussed more and more, but I do not think they are total sanctions as it was in the case of Iran," Kostin said, speaking at an international financial forum inaugurated on November 27 in Moscow.

For others, he said, in Russia there are some 500 banks that "will be able to solve the problems".

The financier admitted that the sanctions affect the bank but assured that the financial sector "feels quite good" and is increasing its profits.

November 5 came into force last package of sanctions against Iran that Washington had raised in 2015, when the agreement known as Comprehensive Action Plan Set (PAIC), which stipulates limitations on Iran 's nuclear program came into force to exclude its possible military dimension, in exchange for the lifting of international sanctions.

Last May, US President Donald Trump announced the withdrawal of his country from the PAIC, accusing Tehran of secretly developing a nuclear program, despite the fact that 12 consecutive reports from the International Atomic Energy Agency stated otherwise.

The latest round of restrictions includes sanctions for the purchase of Iranian petroleum and petrochemical products, as well as for operations with Iranian ports and maritime companies and for transactions of financial institutions with the Central Bank of Iran.

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