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Russia failed to find alternative to western capital markets in the east — Sberbank CEO

June 18, 2015, 20:45 UTC+3 ST. PETERSBURG
There is no alternative to western capital markets in the nearest years
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© Sergey Savostyanov/TASS

ST. PETERSBURG, June 18. /TASS/. There is no alternative to western capital markets, at least in the nearest years, Sberbank CEO German Gref said in an interview aired by the Rossiya-24 TV news channel at St. Petersburg International Economic Forum on Thursday.

"Currently we’re facing a situation of adjustment to new conditions when we understand that in fact capital markets are totally closed [for us]. The attempt to find an alternative in the east failed. We realize that there is no alternative to western capital markets, at least in the nearest years," he said.

"In such conditions we only have to rebuild our system, all our economy, including funding from other sources, which we’re actively doing at the moment. This is a very serious transformation, which will take some time but we’re getting adjusted to this situation," Gref said.

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