The Russian banking sector coped with the first stage of transformation under the sanctions, which was greatly facilitated by the policy of the Central Bank
The changes [in Russia's economy caused by the introduction of the European sanctions – Ed.] are so extensive and so deep that the adaptation of the financial and banking sectors to the new reality will take more than a year. <...> But the adaptation is already happening. <...> Even the financial indicators of the banking sector have started to change. <...> VTB also started working at a profit in July. The most important thing is that we managed to avoid the mass default of our clients. <...> Regarding rouble settlements... the day-to-day operations with credit cards and even online banking were not seriously affected, so much so that customers would not suddenly feel the changes — Andrey Kostin, President and Chairman of the Management Board, VTB Bank.
The initial shock has subsided. The Central Bank of Russia helped a lot. <...> I think the government of the Russian Federation made the right call to introduce a moratorium on bankruptcy and support the backbone [enterprises – Ed.] — Ilya Torosov, First Deputy Minister of Economic Development of the Russian Federation.
Today, the financial and banking markets work roughly the same way they did a year ago: a great appetite for bonds, a good competitive environment in lending. <...> In general, the situation is dynamic — Mikhail Oseevskiy, President, Rostelecom.
We learned how to implement anti-crisis policies quickly. The Government and the Central Bank were quick to take decisions, such as regulatory relief, various breaks, the moratorium on bankruptcy... preferential lending programmes, which certainly helped our industries to withstand — Nikolai Zhuravlev, Deputy Chairman of the Federation Council of the Federal Assembly of the Russian Federation.