RIYADH: The sanctions imposed by the EU and the US on Russia following its invasion of Ukraine have affected 75 percent of its banks.
Billions of dollars and euros have been frozen in Britain, Germany and America, VTB Bank CEO Andrey Kostin told Al Arabiya.
“The Russian banking sector was among the first to be sanctioned by Western countries, but I can say that the Russian economy has performed better than we expected in the past three months,” Kostin said.
He also predicted that Russia's gross domestic product would slow down this year, with expected growth to be between 5 and 6 percent, while its inflation would be in the range of 15 and 16 percent.
