Siluanov promised to ensure settlements with depositors in case of sanctions

The Russian government has a plan to minimize the consequences of possible tough Western sanctions, Finance Minister Anton Siluanov assured. All obligations to foreign currency depositors will be fulfilled,

The state is prepared in case of possible tough Western sanctions against RUSSIA, such as restrictions on banks' access to the SWIFT financial communications system or a ban on banks' DOLLAR transactions, Finance Minister Anton Siluanov told reporters on Wednesday, February 16, RBC correspondent reports. Such sanctions would be "unpleasant, but not fatal" for the Russian economy and financial system, the minister said.

Judging by Western media reports, the issue of disconnecting Russian banks from SWIFT is "postponed", "common sense wins", Siluanov said. If such a measure is hypothetically invoked, Russia will move to other means of transmitting financial information, whether it be the Financial Message Transmission System (SPFS) operated by the Bank of Russia, teletype, or “we will carry payments in suitcases (exaggerate),” the minister added.

Recently, the US administration has repeatedly named a possible set of sanctions against Russia (including the isolation of Russian banks from the dollar financial system and restrictions on the EXPORT of technological products to Russia), but it is constantly emphasized that in the context of the Ukrainian situation, economic sanctions cannot be applied in a preventive manner. - they can only be triggered by military or paramilitary actions.

In the case of blocking US sanctions against Russian banks and their assets, it is important what kind of banks they will be, Siluanov noted. “It is clear that we will ensure all deposits, all settlements with our depositors, including those in foreign currency, in these banks. For this, we have enough foreign exchange liquidity, foreign exchange reserves,” the Minister of Finance stressed.

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