NEW YORK, November 26. /TASS/. The new package of anti-Russian sanctions, with Gazprombank among them, will result to the rise of energy prices for European consumers and the need for them to look for new ways of paying for consumed feedstock, CEO of Navigator Principal Investors Kyle Shostak.
"As regards sanctions against Gazprombank, they will entail a suspension of payments for gas supplies and delays in supplies as a consequence, which almost warrant the rise of feedstock price for European end consumers. Europeans will have to look for new ways and schemes of paying for feedstock they are consuming," he said.
The new round of US sanctions has become the most notable lately "but generally not critical for the Russian financial system, which has already passed through much worse time," Shostak said.
"The work of clients of sanctioned banks will be much complicated" in view of new restrictions, the chief executive continued. "They will have to find ways of opening accounts with other institutions not yet exposed to sanctions, resort to services of paying agents and probably use the Chinese cross-border payment transfer system CIPS," Shostak noted. "All that will materially increase their transaction costs, extend and complicate periods of compliance procedures and will eventually hamper supply chains for import and export deliveries that are complex and expensive even without that. Banks will have to focus on domestic transactions. Further to importers and exporters, retail customers will also be affected," he added.