Sanctions on Russian banking sector have limited negative impact - Central Bank
MOSCOW. Sept 10 (Interfax) - The sanctions imposed by the United States and EU have a limited negative impact on the Russian banking sector, a review published in the Bank of Russia Bulletin said on Wednesday.
The Central Bank said that in H1 2014 sanctions were imposed by the U.S. and EU against a number of Russian enterprises and banks. Following their imposition, there were restrictions on Russian banks' access to foreign financial markets and therefore an increase in the cost of funding for Russian banks and organizations, the possible deterioration of the financial standing of companies and borrowers affected by sanctions and risks of heightened exchange rate volatility.
"The impact of these circumstances on the standing of individual banks and on the banking sector as a whole is limited negative," the review said.