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Russian banking system adapts itself to sanctions — lawmaker

October 27, 6:42 UTC+3 NEW YORK

"The banking system has adapted itself, the economy has adapted itself, and any further toughening [of the sanctions] will not be felt," Anatoly Aksakov said

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NEW YORK, October 27. /TASS/. Fresh rounds of Western sanctions are unlikely to create any major problems for Russia’s banking system, which has already adapted itself to those restrictions, a senior Russian lawmaker told TASS on Friday.

"The banking system has adapted itself, the economy has adapted itself, and any further toughening [of the sanctions] will not be felt," Anatoly Aksakov, the chairman of the State Duma (lower house of the Russian parliament) Committee on Financial Market, said.

"The Central Bank already knows what to do, so does the Finance Ministry and the banks - they are in constant search for solutions. There will be no turbulence. Moreover, we will not even notice this," said Aksakov, who is taking part in the US Russia Business Council meeting in New York.

He said US businesses are interested in joint projects with Russian partners.

"US businessmen are interested in business contacts with Russia, that’s for sure," he said, naming energy and transport among the most promising cooperation areas. Among other possible countries are Japan, South Korea and eventually India via the ‘northern route.’"

The Russian official said Moscow and Washington should also enhance their cooperation in cyber security.

"Cyber security is a sensitive matter, and this is where we need to cooperate," he said. "Both the Russian banking sector and the US banking sector remain vulnerable. Moreover, they accuse us of [supporting - TASS] the activities of Russian hackers. So let’s cooperate, let’s search for common ground, let’s keep under control those who are capable of carrying out such actions or counteracting them.".

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