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US has no channels of systemic influence on Russian banks, markets — ACRA chief

It is noted that the progress in payments and investments in the yuan makes the Russian financial sector even more safeguarded against US risks

MOSCOW, March 13. /TASS/. There are no channels of systemic influence on Russian markets and credit institutions irrespective of developments in the US after the collapse of Silicon Valley Bank (SVB) and Signature Bank, the Russian Analytical Credit Rating Agency (ACRA) said on Monday, citing its head Mikhail Sukhov.

"Irrespective of developments in the US, there are no channels of the systemic impact on Russian markets and banks. The largest Russian banks are not counterparties to US ones because of sanctions. Russian investors are largely making investments on the stock market into assets of the Russian origin. There are no channels for nonresidents to quickly siphon off investments in Russia, which influenced the ruble rate in 2008," Sukhov said.

The progress in payments and investments in the yuan makes the Russian financial sector even more safeguarded against US risks, he noted.

There are no channels for a scenario in Russia like a banking crisis and devaluation because of developments in the US, the ACRA chief said.