Stability of Russian Sberbank as a Measure of National Economic Health: A Look at Putin’s Perspective

President Vladimir Putin, at a government meeting with Sberbank chairman German Gref, said that Sberbank’s stability is a strong indicator and a good sign for the economy and the bank’s clients.

The President of Russia said: “It is important for the economy and the bank’s clients to realize that Sberbank feels stable. This is a good signal for the entire economy and for a large number of citizens who deal with the bank.”

He noted that Sberbank has successfully passed the difficult period associated with the restrictions (sanctions) imposed on Russia recently, and now it has almost completely restored its “usefulness”.

He added: “Sberbank is operating profitably, steadily and at a stable pace, which is a sign of the stability of our financial system. Sberbank is one of the main pillars of this system, and the fact that it is operating steadily is a very good sign.”

For his part, Greif stressed that the bank went through a “very difficult period”, as it suffered heavy losses due to the loss of most of its foreign assets. According to him, Sberbank created reserves for all problem assets and began to work as usual.

Source: Interfax

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