Gref and Kostin warned the government about losses due to state support

The two largest banks may lose 600 billion rubles. due to participation in state support programs, their leaders told the government. They also cited the Central Bank's estimates of losses in the banking sector as a whole for the year at the level of 3.5–5.8 trillion rubles.

The HEAD of Sberbank German Gref and VTB board chairman Andrei Kostin warned the government about the potential losses of two state-owned banks this year due to participation in state support programs for the economy, Interfax reports. According to the agency, in mid-March they sent a letter with such assessments to Prime Minister Mikhail Mishustin.

This letter was received by the government apparatus, the press service of the Cabinet of Ministers confirmed to RBC. it was sent to the Ministry of Economic Development, the Ministry of Finance and the Bank of RUSSIA.

A spokesman for Sberbank declined to comment. RBC sent a request to VTB.

Banks estimated losses from a sharp increase in deposit rates Finance

According to Interfax, the document says that after February 24, in the two weeks of the Russian military operation in Ukraine and the imposition of tough Western sanctions, the income of the banking business has more than halved. This estimate does not include losses from credit risk, freezing and impairment of assets.