MOSCOW (Reuters) – Western sanctions imposed on Russia over its navy motion in Ukraine is not going to be lifted anytime quickly, the CEO of Russia's second-largest lender VTB, Andrei Kostin, instructed Reuters.
“I don't actually imagine that the sanctions will likely be lifted rapidly. I don't see how that will be attainable. A superb instance is the Jackson-Vanik modification. It was handed in opposition to the USSR and was solely repealed in 2012,” Kostin stated.
Kostin was referring to a legislation relationship again to the Chilly Battle that linked commerce relations with the Soviet Union to the precise of non secular minorities to to migrate.
Kostin stated he believed Russia's international change reserves, frozen within the West after the beginning of the Ukraine battle, wouldn’t be returned.
“Within the West, they are saying, let's pay for the reconstruction of Ukraine from reserves. And they’ll draw up such a invoice that even reserves is not going to be sufficient,” Kostin predicted.
