The Kremlin dismissed the idea of new European Union sanctions on its banks, stating they have been under sanctions for a long time and still make profits.
The EU has proposed new sanctions targeting Russian banks and cryptocurrency networks to weaken its financial system due to the war in Ukraine. Kremlin spokesman Dmitry Peskov noted that the largest banks continue to earn large profits and maintain stability despite sanctions.
He referred to President Vladimir Putin’s comments about the economy being under control. Peskov mentioned that the central bank closely monitors the situation to ensure stability.
However, sanctions, high interest rates, and spending related to the war have affected Russia’s $3 trillion economy, which saw a 0.3% contraction in the first quarter, marking its first decline since early 2023.
With information from Reuters
