Training on banks and NBCOs, January 24–25

Changing economic policy is a main channel of sanctions' influence on the Russian economy

Effects of Western sanctions on the Russian economy

  • Western sanctions affected 20–21% of Russian GDP. Restrictions were imposed mainly against large state-owned banks (54% of banking sector assets), oil and gas companies (95% of the total revenues of the oil and gas industry) and almost entire defense industry.
  • Sanctions' effects on the financial performance of companies and banks are weak... In 2014–2016, the average profitability in the banking sector fell by 0.8 p.p. The decline hurt all banks, as it was caused by the financial crisis rather than sanctions. The average profitability in the oil and gas sector decreased by 1.6 p.p., which was also caused not by sanctions but by the tax maneuver. Sanctions affected the debt structure and borrowing geography of sanctioned corporates and banks. Corporates increased the share of ruble denominated debt and bonds, while banks decreased the share of bonds denominated in dollars and euro. The debt to non-residents shrunk, while the declining share of Western investors drove the share of…

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