SERGEY DROBYSHEVSKY ESTIMATED PROSPECTS OF AN EVENTUAL BANKING CRISIS IN THE USA

As known, on March 10, California's Silicon Valley Bank (SVB), which specialized in cooperation with technology companies, went bankrupt, and this bankruptcy was the largest in U.S. history since the global financial crisis of 2008. This was followed by the closure of New York-based Signature Bank because of systemic risks, the shares of Swiss Credit Suisse fell by 30%, and Moody's lowered its outlook on America's banking system to negative.

“I don't think there is much to be afraid of. We are well protected, put it this way, from banking and financial crises in the USA and other countries by the imposed sanctions. Isolation of our financial and banking system plays a positive role in this case, in the sense that the mechanisms of transferring their crisis in such a situation almost do not work. It is clear that there will be indirect negative consequences, for example, resulted from unfavorable ceiling on oil prices, negative impact of crisis on the economies of the countries, our partners and so on. However, in our financial and banking system it will hardly be noticeable,” said Sergey Drobyshevsky.