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Western sanctions do not affect operation of VTB and Sberbank

July 30, 2014, 9:17 UTC+3 MOSCOW
Despite a considerable amount of borrowed funds from international banks by Sberbank and VTB, thes two banks do not feel dependence on this resource, expert says
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©  EPA/FILIP SINGER

MOSCOW, July 30. /ITAR-TASS/. The inclusion of Sberbank (savings) and VTB (foreign trade) banks in the sectoral sanctions list by the European Union will not affect their business, for they are not strongly dependent on foreign funding. This point of view of the analysts of the Rus-Rating agency is published by the newspaper Izvestia on Wednesday.

Larissa Makarenko, director on corporate ratings, has pointed out that despite a considerable amount of borrowed funds from international banks by Sberbank and VTB, thes two banks do not feel dependence on this resource. Thus, as of July 1, 2014, the interbank credits attracted by VTB from non-residents amounted to 369 billion roubles ($10 billion) (6.7%) while Sberbank's share of attracted funds from non-resident banks was even less than that (2.7% of total liabilities, or 405 billion roubles).

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