The head of VTB, Andrey Kostin, in an author's column on RBC, announced the end of globalization "in its previous form" and the beginning of "cold war 2.0". In his opinion, the sanctions imposed on Russia will be in effect for a long time.

Kostin believes that Russia has a "unique chance to start from scratch" and create its own versions of banking regulation and a national credit rating.

“Access to the world market (where our rules do not apply) must be earned by good behavior, that is, “playing by the rules,” follows from a recent statement by British Foreign Secretary Liz Truss, which she made in the City of London. Russia received a "red card". China is still "yellow".

For the banking sector, this means the need for further devaluation of balances in dollars and euros. The priorities on the external circuit are the diversification of foreign exchange payments, the transition to trade with friendly countries in rubles and national currencies using a secure payment and settlement infrastructure, the development and launch of investment instruments in soft currencies. Including within the framework of the BRICS, whose economies today form 25% of world GDP,” writes Kostin.

On April 6, 2018, Kostin was included in the US “Kremlin list” sanctions among 17 officials and 7 entrepreneurs from Russia close to Vladimir Putin. On March 15, 2019, Canada imposed sanctions against a number of individuals, including Kostin, due to the annexation of Crimea to Russia. On February 23, 2022, after Russia recognized the "DPR" and "LPR", the European Union imposed sanctions against Kostin "for supporting actions that undermine the territorial integrity of Ukraine and benefiting from the annexation of Crimea."

Since 2014, VTB Bank has been under EU and US sanctions imposed due to the events in Ukraine.

On February 24, 2022, in connection with the Russian invasion of Ukraine, the United States decided to add VTB to the SDN sanctions list. Getting into this list means actual isolation from the dollar system. New sanctions against the bank that day were also announced by the UK.

EU countries, as well as Canada, Australia and other countries have imposed sanctions against the bank.

Source: THE INSIDER