Kostin told about the fate of dollar-denominated deposits in the case of expanding sanctions :: Finance :: RBC

The head of VTB said that the support of the authorities will protect the interests of clients in the case of the introduction of new US sanctions. Kostin sure that the owners of dollar deposits will be able to get your money back, but in what currency — “another question”

Andrey Kostin

(Photo: Vladimir Astapkovich / RIA Novosti)

The banking sector of Russia will be able to cope with the consequences of the introduction of new US sanctions, which are one of the developers of the bill, Senator Lindsey Graham called “hell”, said the head of VTB Andrey Kostin. In an interview with Bloomberg Kostin said that although the draft sanctions law is not approved by either house of Congress, VTB is preparing for any eventuality and counting on the support of the Central Bank and the government.

“I am not going to disclose all the plans — they are plans. But we have a number of measures that will allow us to protect our customers, our investors”, — said Kostin.

According to him, some measures designed to protect the interests of the owners of deposits in dollars in the case of the introduction by the US authorities as a de facto prohibition on the use of Russian banks the national currency. The nature of these measures Kostin did not disclose, however, his answer should be that repayment of funds from dollar deposits can be made in another currency.

“I am convinced that all customers of all banks can get their money back. This is a fundamental point. As this is done, in what currency — is another question,” — said the head of VTB.

Kostin also noted that VTB has not yet recorded an increased outflow of funds from dollar deposits.

In may 2018 Kostin said that VTB plans of action in case the situation with sanctions will continue to deteriorate.

Kostin spoke about in his safe plans “B” and “C” because of the sanctions

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“Yesterday, one we have the boy at the reception said, “do you have a plan B?” I say “Is”. A plan “B”? I say “Is”. A plan “G”? No, they say, to plan “G” we have not yet reached too far. Of course, the plans we have for the case, as they say, fire. And they with the Central Bank worked with the government. The goal is to ensure customers are not affected to the functioning of the banking sector has not suffered, it all worked out and is, of course, in the safe. So no one saw,” — said Kostin.

In September 2018 Kostin said that the main risks to the financial system of Russia due to geopolitical issues.

“We have great threats, and understand it all, from the point of view of geopolitics, from the United States to the financial sector”, — said Kostin, proposing seven measures to minimize external threats. Among these measures, the head of VTB attributed the reduction of payments in dollars.

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