German Gref, the chairman of the board at Sberbank, stated that the financial institution is preparing for a further tightening of sanctions against Russia. In a meeting with investors, Gref emphasized that there are no signs of a relaxation of the existing sanctions.
“We are assuming that no sanctions will be lifted and we are also assuming that the sanctions will be tightened. Anything beyond that would be a bonus” Gref said.
Despite this, the bank is analyzing scenarios for a possible lifting of the sanctions, which could have significant economic effects, including a stronger growth of the stock market and an increased influx of foreign investments.
In general, Gref has “stopped counting our sanctions.” Previously, the bank would anxiously wait for new restrictions, but now it is absolutely uninteresting to Gref what “mentally unhealthy people” come up with to prevent the delivery of Xbox consoles to Russia.
A possible relaxation of the Russia sanctions was recently discussed due to diplomatic talks between Moscow and Washington. However, US President Donald Trump made it clear that the lifting of the sanctions would only be possible in the context of a peace agreement between Russia and Ukraine.
On the third anniversary of the conflict, the US government decided not to impose new sanctions on Russia. The European Union and the United Kingdom, on the other hand, have tightened their measures and are preparing further sanction packages.
Sberbank has been on the sanctions lists of the US, the EU and the UK since 2022 and the corresponding bank app was removed from the App Store and Google Play.