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Russian banking sector may lose up to $1.6 bln due to US sanctions — study

April 25, 19:03 UTC+3 MOSCOW

On April 6, the US authorities announced the imposition of sanctions against a number of Russian officials, businessmen and companies

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MOSCOW, April 25. /TASS/. The Russian banking sector may lose 100 billion rubles ($1.6 bln) because of the US sanctions, according to a report on monitoring the economic situation in Russia conducted by the Russian Presidential Academy of National Economy and Public Administration (RANEPA).

"The sanctions will affect the Russian banking sector, where the losses may reach 100 billion rubles due to a revaluation of capital and a weak financial result, which will be affected by low demand for expensive loans from the private sector. This will amount to more than 6% of the banking sector’s profit the Bank of Russia expects in 2018 (1.5 trillion rubles ($24 bln))," according to the study.

According to the authors of the monitoring, the instruments launched by the state - sovereign Eurobonds, as well as new Russian offshore zones - may help it restore the capital.

US sanctions

On April 6, the US authorities announced the imposition of sanctions against a number of Russian officials, businessmen and companies. The Russian businessmen who were put on the new US restrictions list include Gazprom CEO Alexei Miller, VTB head Andrei Kostin, owner of Renova Viktor Vekselberg, Surgutneftegaz CEO Vladimir Bogdanov, Sibur board member Kirill Shamalov, and businessmen Igor Rotenberg, Oleg Deripaska and Suleiman Kerimov.

Among the companies slapped with the latest sanctions are several enterprises belonging to Oleg Deripaska. Among them are Agro-Holding Kuban, EuroSibEnergo, Russian Machines, GAZ Group, B-Finance, Basic Element, En+.

The US sanctions were also slapped on Renova, Ladoga Management, Russian Financial Corporation, NPV Engineering and Gazprom Bureniye.

The sanctions imply that the assets of these companies are frozen. Before May 7, US investors should get rid of the securities of three of the 12 Russian companies from the list, and by June 5 - to cancel contracts with all enterprises subject to restrictions and their subsidiaries.

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