Negative trends are mounting in the American financial sector, according to the Russian president Russian President Vladimir Putin © Sputnik / Aleksandr Kazakov

The increase in the level of sovereignty and independence of the Russian banking sector has been quite timely, given the negative trends that are growing globally, namely in the US banking system, Russian President Vladimir Putin has stated.

Putin was meeting with Andrey Kostin, the CEO of Russia’s second-largest bank, VTB, who assured the president that the country’s banking sector was secure.

“Regarding anti-Russia sanctions, we have probably become somewhat immune because of them, and we have enhanced our sovereignty in this field,” Kostin told the Russian leader in Kremlin on Tuesday.

“Look at what is now happening in the United States. This is virtually the largest financial and banking crisis since 2008, and it is already spreading to Europe,” the Russian top banker noted, adding “that sanctions against Russia are a double-edged sword.”

By imposing economic restrictions against Moscow, the West has “demolished the global trade system and caused an inflation surge,” while its attempts to resolve this problem by standard methods devalued bank assets, Kostin pointed out.

The Russian banking sector is feeling “quite safe,” the VTB chief executive maintained, adding that he believes there won’t be any problems, “although we incurred certain losses last year when our property was simply taken away from us.”

Putin, who has previously named economic sovereignty as the country’s top priority, agreed with Kostin, saying: “Perhaps what you have said about raising the level of independence and sovereignty is rather timely, considering greater negative trends in the US banking system.”

The Russian president has earlier stated that the country’s economy was successfully withstanding the outside pressure, warning that Western sanctions will have a boomerang effect.

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