VLADIVOSTOK, September 7. /TASS/. Adapting Russia’s banking and financial sectors to new conditions is likely to take a few years, Chief Executive Officer of Russia’s second-biggest lender Andrey Kostin told the Eastern Economic Forum on Wednesday.

"The changes are so sweeping and profound in and of themselves, that adapting the financial and banking sectors to them will take more than one year and requires a serious restructuring of all financial and economic relations," he said.

The official added that the Russian economy managed to avoid mass defaults, and the banking sector is operating in a stable manner.

Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum will be running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World.".