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VTB CEO expects no implications for business over counter-sanctions law

May 25, 10:14 UTC+3

The law is absolutely justified, Andrei Kostin said

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ST. PETERSBURG, May 25. /TASS/. Russia’s law on counter-sanctions is justified and contains no risks for business, Chief Executive Officer of the country’s second-biggest lender VTB Andrei Kostin said on the sidelines of the St. Petersburg International Economic Forum on Friday.

"I don’t think that the adopted law on counter sanctions will do harm. The business community have also explored the law, and we submitted our recommendations to the (State) Duma and to the presidential administration. The law is absolutely justified," he said when asked about potential consequences of the law for business.

The lower house passed on May 22 a law that envisions the possibility of counter-sanctions in retaliation for unfriendly measures against Russia taken by the United States and other countries, in response to expansion of restrictions against Moscow. The government is empowered to introduce, on instructions from the president, a variety of counter-measures, including bans for companies from US and other states to participate in public procurement contracts and state property privatization. Similarly, companies directly or indirectly controlled by those states or affiliated with them will face those restrictions.

Meanwhile, Kostin assumes that the suggestion to introduce both administrative and criminal liability for complying with anti-Russian sanctions on the territory of Russia requires a serious revision.

"I think that many provisions there simply create a bad environment for operations, first of all of foreign companies on the Russian market, similar to Russian ones," he explained.

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