Ukraine sanctions

The Russian Bear Market

kostin_bloomberg
Andrey Kostin is unfazed by sanctions.
  • Why it matters

    Why it matters

    Russia’s banking sector, and its economy, are highly dependent on E.U. and U.S. markets, but sanctions could force it into closer ties with China.

  • Facts

    Facts

    • The VTB Group’s profits plunged by 98 percent in the last quarter.
    • Russia’s gross domestic product is expected to fall by 0.5 percent this year.
    • Sanctions over Russia’s support of separatists in Ukraine have targeted individuals, trade and banks.
  • Audio

    Audio

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Andrey Kostin is the boss of VTB Bank, one of Russia’s leading financial houses. On a visit to Stuttgart, Germany, with Russia’s economy minister this week, he told Handelsblatt that he sees no end to the E.U. and U.S. sanctions imposed on his bank and country as a result of Russian involvement in the Ukraine crisis.

Mr. Kostin, are savings accounts held by Germans at VTB’s German subsidiary VTB Direct secure?

Absolutely. It’s my personal guarantee.

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