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Date: 9 months ago   Category: Finances

Kostin: even if VTB will fall under sanctions, dollar deposits of clients won't suffer


In Business FM interview within East economic forum the president — the chairman of the board of VTB has told about mechanisms of protection against risks Andrey Kostin. Photo: Stanislav by Krasilnikov/TASS It is updated in 14:00prezident — the chairman of the board of VTB Andrey Kostin has given Business FM interview within East economic forum. He, in particular, has commented on the statement of the Minister of Economic Development Maxim Oreshkin who considers that it is time to sell dollars. According to the banker, November can become new test for ruble. What can be the answer to new sanctions? Whether the Central Bank will change a key interest rate on September 14? How has VTB carried out the transaction of ALROSA with the Chinese partners in national currency? Kostin has told about it to the editor-in-chief of radio station Ilya Kopelevich. Andrey Leonidovich, the most psychologically sensitive issue is a threat of possible sanctions. We already spoke on this subject at the St. Petersburg forum, and you, generally, designated quite in detail some things. Now it would be more interesting more detailed. Time is risk, so on risk answers have to be prepared — I don't know, stocks of dollar cash. Andrey Kostin: You remember, I told you about Igor Butman who has asked whether I have a plan And, B and In, and, I have told, not yet. But now the plan of was drawn too therefore we, in principle, prepare for it. What chances? To me it is hard to say. I after all hope that or even the largest won't reach global sanctions against all financial institutions. Frankly speaking, the hope is such, but we will look. We very much in an unclear situation. The law so far at an initial stage, it hasn't undergone approval neither in one of chambers — nor in the congress, nor in the senate therefore I wouldn't advance an event. But we have a plan, certainly. I won't disclose his details, but I can tell that we will carry out all obligations to investors, to clients. And this not only my opinion, is the program agreed with the Central bank, with the government. If it is necessary, the help in it will be rendered. At us there is a lot of dollars on now. If the people run to withdraw money, we will give all. Nevertheless it is interesting to everything to understand what, in principle, there are mechanisms. That not to torture you, I will offer options. Perhaps, stock of dollar cash. Perhaps, transfer of dollar deposits to other banks, that is other bank will redeem from you a deposit. Andrey Kostin: All these possibilities are considered — and payment in national currency at a current rate, and transfer to other banks, it in rubles then they were transferred to dollars. And cash at us now, we have much delivered therefore, in principle, the basic decision which is made by the government and the Central bank, and the largest banks is ready: clients shouldn't suffer. It kind of basic. What forms will be found? It is already other question. Well, it is good. These are natural persons. These are investors. But, it seems to me, more difficult... Andrey Kostin: They are the companies. It is no secret that we today even with the companies to which we issue the credits in dollars,

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