Russian banking sector’s resilience to sanctions raises no concerns

Eastern Economic ForumRussian banking sector’s resilience to sanctions raises no concerns State Duma Financial Market Committee Chairman Anatoly Aksakov highlighted that the banking sector had ended the first half of the year with record profitsMOSCOW, August 28. /TASS/. The resilience of Russia’s banking sector is not a cause for concern, as it is determined not by the number of institutions on sanctions lists but by their actual financial performance, State Duma Financial Market Committee Chairman Anatoly Aksakov told TASS in an interview ahead of the Eastern Economic Forum (EEF). "The resilience of the Russian banking sector is determined not by the number of credit institutions on sanctions lists, but by its actual financial performance and its ability to adapt its payment infrastructure - and in terms of these parameters, we have no reason for serious concern," he said. Aksakov also noted that the banking sector ended the first half of the year with record profits despite increasing polarization in the market. "The banking sector ended the first half of the year with record profits, although the market has become somewhat polarized: major players are growing stronger, while smaller institutions may find it increasingly difficult to secure funding and generate income," he said. However, according to Aksakov, small banks can operate successfully by specializing and drawing on their in-depth knowledge of local markets. He also emphasized that Russia has systematically reduced its dependence on European infrastructure. 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