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Russian blue chips tumble amid fears of looming US sanctions

Russia's federal government has created a sufficient base to weather potential US sanctions

MOSCOW, February 14. /TASS/. Since the opening bell rang on the trading floor, the shares of the largest Russian companies and banks have been falling by 2-3% against the background of Washington’s looming sanctions against Russia. 

According to the Moscow Exchange, the ordinary and preferred shares of Sberbank fell by 2.6% (maximum - by 3.5%) and 2.1% respectively, while Rusagro’s stocks dipped 1.9%, and VTB securities sank 1.8%. That said, the shares of Sistema, Yandex, OGK-2, and Rosneft all saw a 1.4% decrease, while En+ saw a 1.3% decline. 

The Russian government, together with the Bank of Russia, has created a sufficient base to respond to any possible new US sanctions against Russian banks. In the event of sanctions, there will be state support for credit institutions, First Deputy Prime Minister, Finance Minister Anton Siluanov told reporters on the sidelines of the Russian Investment Forum in Sochi. 

"If we talk about banks, together with the Bank of Russia we have created the necessary buffers, and the ability to respond to such restrictions. It includes both liquidity and state support for such banks, so that depositors do not suffer in any way, and so that settlements are made in these banks," he said.