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Gazprombank says sanctions do not threaten its stability and fiscal sustainability

July 31, 2014, 21:00 UTC+3 MOSCOW
Meanwhile, another four Russian banks have fallen under EU sectoral sanctions alongside with Gazprombank
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© ITAR-TASS/Dmitry Rogulin

MOSCOW, July 31. /ITAR-TASS/. Gazprombank said on Thursday that EU financial restrictions were unlikely to undermine its fiscal sustainability and stability.

"The EU sanctions imposed against several Russian companies and banks have not undermined Gazprombank’s fiscal sustainability and stability of operations,” the bank’s press service told Itar-Tass.

The United States imposed similar sanctions (on long-term and mid-term financing) against Gazprombank on July 29.

Meanwhile, another four Russian banks have fallen under EU sectoral sanctions alongside with Gazprombank. They include Sberbank, VTB, Vneshekonombank and Rosselkhozbank.

The European Union has imposed sanctions against Russia’s financial sector for 12 months, the Official Journal of the European Union said on Friday.

The EU may revise it list of economic penalties after 3 months.

However, the European Union has decided to exclude the “sisters” of Russian state-owned banks registered in the EU territory from sanctions. Restrictions on attraction of loans for more than 90 days will, however, apply to the Russian parent companies and their “sisters” outside the EU, the Official Journal of the European Union said.

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