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Russian banking sector to remain stable, despite sanctions

According to the assessment of the Central Bank, the portfolio of corporate loans of Russian banks, considering May, increased by 1%. Growth will be 8-13% as of the year-end

MOSCOW, May 29. /TASS/. The national banking sector under the strong sanction pressure remains resilient, Deputy Governor of the Bank of Russia Olga Polyakova said at the 7th Congress of the Association of Russian Banks.

"We see for the time being that the banking sector, despite indeed the strongest sanctions pressure over it, has managed to preserve and maintains its stability and continues giving loans to the economy. Although lending gears down in all the segments, the credit crunch is nevertheless not the case in point at present," she noted.

According to the assessment of the Central Bank, the portfolio of corporate loans of Russian banks, considering May, increased by 1%. Growth will be 8-13% as of the year-end. Consumer lending will be close to zero as of the end of 2025. Mortgage lending will grow from 3% to 8%, the Bank of Russia forecasts.