Moody’s gave in and recognized the futility of sanctions
Friday, 29 July 2016
Topic: Opinions of experts
Views: 338
The largest credit rating Agency Moody’s outraged, saying that the largest banks Rossiiskii has had such an influence that is inexorably approaching “insignificant”.
This was stated by managing Director of rating Agency Nick hill in an interview with Bloomberg. Russian financial institutions, for the most part, were self-sufficient, i.e. they do not need Western borrowings, and the external debts of the largest Russian financial institutions were small, giving them the opportunity to pay them, again, without the involvement of the Western borrowings.
No, of course, restrictive measures for the financial sector was at first shocking, but when the hysteria ended, the situation began to come into order. Yes, over the past two years, Russia has closed many financial institutions, but mostly it affected those banks that were sold to us at exorbitant prices West cheap loans. In other words, closed those banks that took cheap credits there and handed out here, but at a speculative price. These banks in late 2014 and in 2015 burst every day and not one… needless to regret such losses?
But the West, limiting access to capital markets, aiming not for these speculators, and the Russian state banks included the five largest credit institutions in Russia – Sberbank, VTB, Gazprombank and Russian agricultural Bank and Vnesheconombank. It’s been two years and things are there, and what’s more, the financial sector also began to pursue a policy of import substitution in Russia creates its own national system of interbank settlements, similar to SWIFT; creates a national system of payment cards, etc. It is not enough that the financial market has resisted when he tried to put the bandwagon, so he also began to slowly get rid of the remnants of Western influence…
But, unfortunately, it’s not a quick process, so matter how insignificant, was not the effect of sanctions on Russia, much to their momentary withdrawal – stupid.
