In 2015 Russian investment banks have earned more than half of the fee income in Russia for the first time ever. According to Freeman Consulting, Bank of America and Barclays PLC are the only foreign companies that have the potential to develop their business further in Russia.
“Sanctions have had a very strong impact, as foreign banks have always earned the most money on transactions related to debt capital in the international markets," Alexis Rodzianko, the head of American Chamber of Commerce in Russia, told Bloomberg.
Sanctions against Russia were introduced by the EU, U.S. and several other countries in 2014 in connection with events in Ukraine and the controversy surrounding Crimea.
In June 2015 the foreign ministers of the EU extended economic sanctions against Russia until January 31, 2016.
Later, Russian Deputy Foreign Minister Sergei Ryabkov said that part of the sanctions imposed by the West against Russia could continue forever. In October 2015 a similar forecast was made by Oleg Deripaska, the owner of the Basic Element industrial group.
“It may be that the sanctions [against Russia] will never be removed, but we can live peacefully,” Deripaska said in an interview with CNBC. “Russia is not going to die. The question is how do we adapt and adjust our system as well as how can we stimulate growth and recovery."
First published in Russian in RBC Daily.
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