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Russia’s VEB regrets Japan’s sanctions against it have negative reputational effect

September 24, 2014, 15:31 UTC+3
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MOSCOW, September 24. /ITAR-TASS/. The Russian national development bank Vnesheconombank (VEB) said on Wednesday it regretted the sanctions imposed by the Japanese government against it.

“Vnesheconombank regrets and is disappointed by a decision taken by Japan, with which the bank has long-standing partnership relations,” VEB said in a statement in response to the Japanese government’s sectoral sanctions imposed against major Russian state-owned banks.

“The sanctions certainly have a definite negative reputational effect. However, from the standpoint of practical consequences, they will not materially affect the implementation of the bank’s projects and activity and the relationships with the bank’s key partners and clients,” the statement said.

The government of Japan imposed on Wednesday sanctions against Russian major state-owned banks over Russia’s stance on developments in neighboring Ukraine.

The new sanctions apply to Sberbank, Vnesheconombank, Vneshtorgank (VTB), Gazprombank and Russian Agricultural Bank. The sanctions ban these banks from issuing securities in Japan.

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