Russia is so cut off from the international financial system that the Kremlin thinks Western sanctions have 'insured' the country against the banking crisis
It's been a rocky week for US banks. But the Kremlin's looking at the bright side of things.
Russia is now so cut off from the global financial system that the Kremlin thinks it will face no impact from the collapse of Silicon Valley Bank.
"Our banking system has certain connections with some segments of the international financial system, but it is mostly under illegal restrictions from the collective West," the spokesperson for Kremlin, Dmitry Peskov, said Tuesday, according to TASS state news agency. He was referring to sanctions against the country over its invasion of Ukraine one year ago.
"We are, to a certain extent, insured against the negative impact of the crisis that is now unfolding overseas," Peskov said, per the media outlet.
https://www.businessinsider.com/svb-bank-crisis-russia-western-sanctions-insures-fallout-us-ukraine-2023-3