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    Western Sanctions to Have No Significant Impact on VTB – Bank Official

    © RIA Novosti . Aleksandr Utkin
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    VTB, the second largest bank in Russia, does not expect economic sanctions imposed by the US and EU to have a significant impact on its business, but could face difficulties if the ruble continues to weaken, Herbert Moos, VTB's deputy president told journalists on Wednesday.

    MOSCOW, April 2 (RIA Novosti/PRIME) - VTB, the second largest bank in Russia, does not expect economic sanctions imposed by the US and EU to have a significant impact on its business, but could face difficulties if the ruble continues to weaken, Herbert Moos, VTB's deputy president told journalists on Wednesday.

    "Let me remind you that the sanctions were imposed against individuals. So far we do not expect a significant effect from the sanctions regime," he said.

    According to Moos, the current baseline scenario for the development of Russian-Ukrainian relations suggests a normalization of the situation in Crimea. "Therefore, we do not expect any additional sanctions against Russian banks or businesses," he concluded.

    He also noted that further depreciation of the ruble might have a detrimental effect on VTB's capital situation.

    Western countries imposed targeted sanctions against a number of Russian politicians and businessmen as well as against Rossiya Bank after Crimea held a referendum on March 16 in which over 96 percent of voters supported seceding from Ukraine and rejoining Russia. The US and EU have repeatedly warned Russia of economic pressure and international isolation if tensions over Ukraine continue to escalate.

    Russia's Foreign Ministry Sergey Lavrov said last month that talking to Russia in the language of sanctions is "inappropriate and counterproductive" and warned its Western partners about the "boomerang effect" that sanctions would have.

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