Zadornov assessed the impact of the financial crisis on Russia

The Russian banking market cannot be infected by the "virus that is now roaming Europe," Mikhail Zadornov believes.But the risks of distrust in banks may be associated with the lack of information from customers about their financial situation.Mikhail ZadornovMikhail ZadornovMikhail ZadornovMikhail ZadornovMikhail ZadornovMikhail ZadornovMikhail Zadornov

The fall of American and European banks has little effect on the Russian market, but the lack of information on the performance of domestic banks may sow mistrust among depositors. This opinion was expressed in a column for RBC by economist Mikhail Zadornov, who headed the Otkritie FC bank from 2017 to 2022.

“Our depositors understand that the events in the US and European banking market have little effect on them. We cannot be infected with the virus that is now roaming Europe - we have isolated ourselves, ”admits Zadornov. The world financial market has been integrated for a long time, but RUSSIA is not included in it, the economist emphasizes.

“On the other hand, the possibility of a bank run [raid on banks] and a certain distrust among depositors creates the fact that they now do not have complete information about the situation of Russian banks, as they did a year ago. Clients can have absolutely fantastic ideas about some banks, because they do not fully understand whether there is a loss, what it is, what the portfolio structure is," Zadornov warns.

“If certain sectors of the economy sink, people may think in the absence of information: this bank is connected with the sagging industry, money should be taken from it. Lack of information breeds monsters in the minds and increases the level of anxiety,” he notes.

Since last spring, Russian banks and issuing companies may not fully or partially disclose financial statements and other corporate information. This measure was introduced in response to Western sanctions against a number of major participants in the Russian financial system. It was originally planned that reporting would be closed until December 31, but the government extended this period until July 1, 2023. Some banks, in particular Sberbank, disclose financial indicators, but in a truncated form.

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